Saipem 2013 Dividend Forecast Cut 59% by Bloomberg Analysts

Saipem SpA (SPM), Europe’s largest oil- services provider, had its dividend forecast cut by 59 percent by Bloomberg analysts.

The company’s dividend from 2013 earnings to be paid in 2014 was forecast to decrease to 35 euro cents a share from a previous estimate of 85 cents. The forecast for Saipem’s 2012 dividend was also cut, by 6.7 percent, Bloomberg analysts said today in a note.

The company tumbled a record 34 percent on Jan. 30 after it announced that 2013 earnings before interest and tax would be less than half the amount expected. Saipem was scheduled to meet Italy’s market regulator Consob today as Consob investigates a stock sale of almost 10 million shares, or 2.3 percent of the company, made prior to the company’s statement.

The seller, who hired Bank of America Corp. to manage the sale, hasn’t been named.

Saipem’s shares gained 2.9 percent to 20.68 euros in Milan today as of 11:04 a.m. local time.

To contact the reporters on this story: Patricia Laya in Madrid at playa2@bloomberg.net; Todd White in Madrid at twhite2@bloomberg.net

To contact the editor responsible for this story: Timothy Coulter at tcoulter@bloomberg.net

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