Eni Puts Saipem Stake Sale on Hold
its 43 percent stake in Saipem, to help fund its transformation into a leaner oil and gas outfit. On Thursday Eni said in a statement it still considered Saipem as non strategic but that it had put any assessment of options on hold because of difficult market conditions. Saipem CEO Umberto Vergine said this month the company may lose 1.25 billion euros in 2015 sales due to Russia's scrapping of South Stream, warning more time was needed to recover profitability and cut debt. South Stream's demise is the latest blow for Saipem following two profit warnings last year and a cut
Saipem in Subsea Deal with Chiyoda, Xodus
, said the new company called Xodus Subsea would provide services focusing on the early phase of projects. "We believe that the subsea sector is continuing to grow and through this partnership Saipem will gain an early understanding on how future projects are being developed," Saipem CEO Umberto Vergine said in a statement. Saipem owns 50 percent of the venture while Xodus has 40 percent and Chiyoda 10 percent. Xodus Group is majority owned by Chiyoda. Reporting by Stephen Jewkes
Saipem Bags $750m E&C Contracts in Gulf of Mexico
the transportation of gas, and a main umbilical approximately 50 km long. Also in the Lakach field, Saipem will develop the SURF facilities which include subsea equipment, infield umbilicals, flexibles and trees and control system installation. The project will be completed by the end of 2017. Umberto Vergine, Saipem CEO, commenting on the new award said: "I'm very pleased about this new contract. This project is the first deep water development of Pemex and it shows the new potential in the oil & gas sector of a country where Saipem has been successfully operating offshore for more than
Saipem: No Complaints about Kashagan Leaks
network. Production at Kashagan, the world's biggest oil find in 35 years, started last September but was stopped in early October after gas leaks were found in the pipeline network. "Saipem laid the pipes, welded them and tested the welding before delivery in 2008," Chief Executive Umberto Vergine told reporters on the sidelines of Saipem's annual shareholders' meeting. "I don't know what the root problem is and the consortium is making a comprehensive evaluation. At the moment there hasn't been any complaint," he added. The Kashagan consortium includes Italy's Eni, Exxon
Saipem: A Fleet Grows in Brazil
tasks worldwide, performed either within major complex EPIC projects or as stand alone T&I contracts. “2014 will be a transition year in which a significant proportion of Engineering & Construction activities will stem from low-margin legacy contracts,” said Saipem CEO, Umberto Vergine. In the pipe layer segment, one of Saipem’s main vessels is the Saipem FDS (Field Development Ship), a special purpose vessel used in the development of deepwater fields, equipped with a dynamic positioning system, a crane with a 600 ton lifting capacity and a vertical pipelaying system
February 2025
