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    SPM   IT0005252140

SAIPEM S.P.A.

(SPM)
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Saipem S p A : awarded by Qatargas a contract for the offshore development of the North Field Production Sustainability Project worth approximately 1.7 billion USD

02/23/2021 | 09:44am EDT

Saipem has received from Qatargas a Letter of Award for the development of the North Field Production Sustainability Offshore Project, located offshore of the North-East cost of Qatar peninsula.

The contract is worth approximately 1.7 billion USD.

The scope of work encompasses the Engineering, Procurement, Construction and Installation of various offshore facilities for the extraction and transportation of natural gas, including platforms, supporting and connecting structures, subsea cables and anticorrosion internally cladded pipelines. Furthermore, the project encompasses the decommissioning of a pipeline and other significant modifications to existing offshore facilities.

Pipe-laying and lifting operations will be executed by the DE HE vessel in water depths of approximately 65 meters, leveraging on Saipem's high-end welding technology for corrosion resistant cladded pipelines to meet Client's stringent quality requirements.

The project aims at increasing the early gas field production capacity to 110 million tonnes per annum.

This new contract, which consolidates the group's position in Qatar, is the latest of a string of projects awarded to Saipem since its return in the Country in 2018 with the Barzan project, nearing completion. Saipem is already executing the WHP12N Jacket project, awarded in July 2020, which is part of the North Field Production Sustainability Offshore Project development.

This new contract award is included in December 31st 2020 backlog.

In addition to this award and still in the frame of the overall North Field Production Sustainability Offshore Project development program, Saipem has received from Qatargas a Letter of Intent for the contractual package regarding offshore export pipelines and related onshore works of the North Field Production Sustainability Pipelines Project. The award of this additional package is subject to the definition of contractual details and the Client's final approval.

Saipem has recently expanded its offices in the country and strengthened its fabrication capability by cooperating with a local fabrication yard, offering a sustainable Qatar-based execution scheme.

Stefano Porcari, Saipem E&C Offshore Division COO, commented: 'Saipem is well positioned and actively executing various contracts in Qatar, a key market for us with several offshore investments expected to progress in the near future. This acquisition by Qatargas consolidates our position in the gas sector, confirms our strategic role in the energy transition and represents a token of confidence in Saipem's experience and proven ability to successfully execute and deliver challenging projects. Furthermore, it also confirms the relevance and effectiveness of the early engagement model adopted through our division XSIGHT, which recently concluded, ahead of time, the Front-End Engineering Design contract for the whole NFPS development programme'.

Saipem is a leading company in engineering, drilling and construction of major projects in the energy and infrastructure sectors. It is 'One-Company' organized in five business divisions (Offshore E&C, Onshore E&C, Offshore Drilling, Onshore Drilling and XSIGHT, dedicated to conceptual design). Saipem is a global solution provider with distinctive skills and competences and high-tech assets, which it uses to identify solutions aimed at satisfying customer requirements. Listed on the Milan Stock Exchange, it is present in over 60 countries worldwide and has 31 thousand employees of 130 different nationalities.

Contact:

Tel: +39 0244231

Email: media.relations@saipem.com

(C) 2021 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2021 7 415 M 8 828 M 8 828 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 -7,79x
Yield 2021 0,09%
Capitalization 2 180 M 2 598 M 2 596 M
EV / Sales 2021 0,50x
EV / Sales 2022 0,40x
Nbr of Employees 32 000
Free-Float 54,2%
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Average target price 2,19 €
Last Close Price 2,19 €
Spread / Highest target 70,9%
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Antonio Paccioretti CFO & Manager-Financial Reporting
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