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    SPM   IT0005252140

SAIPEM S.P.A.

(SPM)
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Saipem S p A : has received from Qatargas an extension of the North FieldProduction Sustainability Offshore Project, worth approximately 350million USD

04/13/2021 | 09:24am EDT

San Donato Milanese - Saipem has received by Qatargas the confirmation of the exercise of two options for additional scope of work within the North Field Production Sustainability Offshore Project ('EPCO' package), the award of which was communicated on February 22nd, 2021.

The additional scope of work of the two options is worth approximately 350 million USD and is related to rerouting of the hydrocarbons from existing wellhead platform through the new facilities, due to existing pipeline being decommissioned.

The activities to be carried out comprise the construction of two additional riser platforms, two additional connecting bridges with existing wellhead platforms, two corrosion resistant carbon steel cladded intra-field pipelines with a length of 13 km overall and decommissioning of existing pipeline.

Works associated with the exercise of the options will be fully integrated with the project activities of two contract awards announced earlier this year, the North Field Production Sustainability Offshore and the North Field Production Sustainability Pipeline, which are both part of the strategic development of the North Field production plateau.

This commercial achievement is a further proof of trust on Saipem by its key client, Qatargas. Saipem is already working actively on project engineering and site preparation activities and it's looking forward to progress further, by leveraging its competences, assets and technology.

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 32 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 8 830 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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Mean consensus HOLD
Number of Analysts 20
Average target price 2,19 €
Last Close Price 2,15 €
Spread / Highest target 74,2%
Spread / Average Target 1,85%
Spread / Lowest Target -62,8%
EPS Revisions
Managers and Directors
NameTitle
Francesco Caio Chief Executive Officer, Director & GM
Antonio Paccioretti CFO & Manager-Financial Reporting
Silvia Merlo Chairman
Paul Simon Schapira Independent Non-Executive Director
Roberto Diacetti Independent Non-Executive Director
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