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    SPM   IT0005252140

SAIPEM S.P.A.

(SPM)
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Saipem S p A : to build 450 MW offshore wind farm in Italy

08/25/2020 | 05:54am EDT
A Saipem logo in seen on the bridge of the Saipem 10000 deepwater drillship in Genoa's harbour

Italy's Saipem has signed an agreement to build a 450 megawatt (MW) offshore wind farm in the Adriatic Sea in northern Italy, the energy services group said on Tuesday.

Saipem has agreed with renewable energy companies AGNES and QINT'X to install 56 wind turbines at two sites off the coast of Italian port city Ravenna, it said in a statement.

The project's contract value could be worth up to 600 million euros ($710 million) for Saipem, said a source close to the matter.

"Saipem plans to start a similar (wind) project in Sicily and in Sardinia," said Mauro Piasere, chief operating officer of Saipem's XSIGHT division, which offers engineering services for the renewables sector among others.

Saipem, a market leader in subsea exploration and construction, has been looking increasingly to offshore wind as part of a move to develop new lines of business to meet a growing client focus on green technologies.

Last year it signed an agreement with Abu Dhabi-based Plambeck Emirates to build a 500 MW floating wind farm off the cost of Saudi Arabia.

(Reporting by Stephen Jewkes; Editing by David Goodman)


© Reuters 2020
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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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Mean consensus HOLD
Number of Analysts 20
Average target price 2,19 €
Last Close Price 2,19 €
Spread / Highest target 70,9%
Spread / Average Target -0,06%
Spread / Lowest Target -63,5%
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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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