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    SPM   IT0005252140

SAIPEM S.P.A.

(SPM)
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Saipem S p A : , new contract awarded by the Abu Dhabi National Oil Company for the Shah Gas plant in the United Arab Emirates

06/16/2021 | 10:08am EDT

San Donato Milanese - Saipem has received a Letter of Award from ADNOC Sour Gas, a subsidiary of the Abu Dhabi National Oil Company (ADNOC), for a new contract related to the Optimum Shah Gas Expansion (OSGE) & Gas Gathering project in the United Arab Emirates.

The contract covers the expansion and upgrade of the existing Shah gas plant. The overall value of the contract is around 510 million USD.

The EPC (Engineering, Procurement, Construction) contract includes the engineering, supply of materials, construction and commissioning of additional components, designed to increase the gas treatment daily capacity of the Shah Gas plant by 13%, from the current production capacity of 1.28 to 1.45 billion standard cubic feet per day, representing a cumulative increase to 145% of the original design capacity of the plant.

The Shah Gas plant is the largest sour gas plant in the world. Due to a higher sulphur content, the plant requires specific technologies to ensure safety and respect for the environment. The technologies utilized will ensure, moreover, continuity of production even during maintenance work, and minimise downtime.

Saipem has a consolidated presence in the United Arab Emirates where it has already built many plants, including the design and build of the gas treatment units for the original construction of Shah.

Maurizio Coratella, Chief Operating Officer of Saipem's Onshore E&C Division commented that: 'The award of this new project by a key client such as ADNOC, strengthens our long-lasting presence in the United Arab Emirates and is an additional recognition of our ability to carry out high-tech and complex projects in accordance with the highest safety and environmental standards. We are pleased to contribute to the upgrading of this important plant for the country'.

Saipem is a leading company in the engineering, drilling and construction of major projects in the energy and infrastructure sectors. It is 'One-Company' organised into 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

Web: www.saipem.com

(C) 2021 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2021 7 414 M 8 753 M 8 753 M
Net income 2021 -296 M -350 M -350 M
Net Debt 2021 1 547 M 1 826 M 1 826 M
P/E ratio 2021 -6,72x
Yield 2021 0,09%
Capitalization 2 008 M 2 376 M 2 371 M
EV / Sales 2021 0,48x
EV / Sales 2022 0,38x
Nbr of Employees 32 000
Free-Float 54,2%
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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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