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    SPM   IT0005252140

SAIPEM S.P.A.

(SPM)
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Saipem S p A : Snam and Saipem sign MOUs to collaborate on technologies for energy transition hydrogen development and CO capture

09/11/2020 | 10:12am EDT

Snam and Saipem have signed a Memorandum of Understanding to set up a collaboration on new technologies focused on the energy transition from green hydrogen to the capture and reuse of CO 2, in order to fight climate change and contribute to the launch of the hydrogen market by supporting the Hydrogen Strategy of the European Commission.

The agreement, signed by the managing directors of Snam, Marco Alvera, and Saipem, Stefano Cao, respectively, aims to jointly identify and develop initiatives related to the production and transport of green hydrogen and the capture, transport and reuse or storage of anhydride carbon dioxide (CCS and CCU).

The collaboration between Snam and Saipem is already operational and is focusing, first of all, on the development of water electrolysis technology, a process that allows for the elimination of CO 2 emissions in the production of green hydrogen, effectively counteracting global warming.

The agreement also provides for a collaboration for the development of feasibility studies aimed at identifying new solutions for the transport of hydrogen in liquid or gaseous form - both through the use and adaptation of existing infrastructures and networks and through transport with vessels - and the capture, transport, storage or exploitation of CO 2 .

Through the Memorandum of Understanding, Saipem and Snam also identify the possibility of participating in technological innovation projects financed by the European Union.

Snam, one of the first companies in the world to experiment with the injection of hydrogen into a gas transmission network, is strongly committed to ensuring the compatibility of its infrastructures with increasing volumes of hydrogen and to supporting the growth of the Italian supply chain through the development of emerging technologies to facilitate their use in many sectors, from industry to transport.

Saipem today proposes itself as a real promoter of the energy transition both with the development of projects that aim at the hybridization and decarbonization of conventional oil and gas complexes (new or existing) and with the new business line dedicated to 'new energies' within the Onshore E&C Division which through the recent acquisition of technologies for CO 2 capture from the Canadian company CO2 Solution Inc.

'With this collaboration - declares Snam's CEO, Marco Alvera - we strengthen our commitment and partnership network in new technologies for the energy transition, in particular green hydrogen and its use in existing infrastructure. Snam, also through its dedicated business unit, is strongly committed to developing the hydrogen market and contributing to the creation of an Italian supply chain. Thanks to its geographical position, natural resources for the production of renewable energy and the strength of its manufacturing sector, our country can become a European and Mediterranean hydrogen hub, contributing significantly to the fight against climate change and the creation of new opportunities for development and employment '.

Stefano Cao , CEO of Saipem, commented: 'The agreement signed with Snam, with which we have a long-standing fruitful collaboration, is part of our strategy to reposition Saipem as a global supplier of solutions for the energy and infrastructure sector. It is therefore in line with the decarbonization process that we are committed to carrying out in all our activities, aiming to be at the forefront of the transition process towards low environmental impact energies. Already today 70% of our order book in the engineering and construction sector ( E&C) is untied from oil. Hydrogen will be the commodity that, together with LNG, will accompany the energy transition process in the next few years and Saipem is focusing its attention both on blue hydrogen production technologies,using energy from fossil sources, which green, from renewable sources, also taking into account the experiences gained within the entire chain of Carbon Capture & Storage, with various projects carried out around the world '.

The agreement will eventually be the subject of subsequent binding agreements that the parties will define in compliance with the applicable regulatory profiles, including those relating to transactions between related parties.

Contact:

Tel: +39 02.3703.9505

(C) 2020 Electronic News Publishing, source ENP Newswire

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Sales 2021 7 415 M 8 830 M 8 830 M
Net income 2021 -276 M -329 M -329 M
Net Debt 2021 1 549 M 1 844 M 1 844 M
P/E ratio 2021 -7,65x
Yield 2021 0,09%
Capitalization 2 139 M 2 549 M 2 548 M
EV / Sales 2021 0,50x
EV / Sales 2022 0,39x
Nbr of Employees 32 000
Free-Float 54,2%
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