Saipem

Saipem S.p.A. (BIT: SPM) is a leading global engineering and construction company specializing in offshore and onshore services for the oil and gas industry. Founded in 1957 and headquartered in San Donato Milanese, Italy, Saipem has a presence in over 70 countries and employs approximately 34,000 people from 122 nationalities. The company reported revenues of EUR 11.9 billion for fiscal year 2023.

Saipem's main business segments include:

• Asset Based Services (ABS): Provides engineering, procurement, construction and installation (EPCI) services for offshore oil and gas projects, including subsea umbilicals, risers and flowlines (SURF).

• Energy Carriers: Focuses on onshore engineering and construction for LNG plants, refineries, and petrochemical facilities.

• Offshore Drilling: Operates a fleet of offshore drilling rigs, including drillships and jack-up rigs.

• Offshore Wind: Offers installation and construction services for offshore wind farms.

In recent years, Saipem has been shifting its focus toward higher-margin offshore projects and expanding its presence in key growth markets like the Middle East and Latin America. The company has secured several major contract awards, including a USD 1 billion contract for the Bouri Gas Utilization Project offshore Libya in August 2023 and approximately USD 1 billion worth of contracts for offshore projects in Saudi Arabia in September 2024. Saipem is also pursuing opportunities in the energy transition space, including carbon capture and storage (CCS) projects and offshore wind developments, as part of its strategy to diversify its business portfolio and reduce its reliance on traditional oil and gas markets.