Saipem Awarded E&C Offshore Contracts For €600 Million

Italy’s Saipem has been awarded new E&C offshore contracts cumulatively valued at more than 600 million euro. This comes at a moment when the company is in need of increasing its credibility to proceed with its restructuring plans.

The company disclosed the information through a note released on Friday. 

Saipem has been awarded one contract by Saudi Aramco for operations in Saudi Arabia, and one contract by Eni for Block 15/06, Angola.

Its share price increased during Friday's session by almost 3%.

Saipem, which has debts of 5.5 billion euros, is continuing talks for its cap hike and a deal with Italian state lender Cassa Depositi e Prestiti (CDP). According to Reuters’ sources, a final decision should be announced by mid-October.