saipem spa (SAPMF) Key Developments
Chiyoda, CB&I and Saipem Joint Venture Selects as Contractor for Mozambique LNG Development
May 18 15
Chiyoda Corporation, CB&I and Saipem announced the three companies' joint venture, CCS JV, has been selected as contractor for the initial development of the onshore LNG park in Mozambique by Anadarko Petroleum Corporation on behalf of the co-venturers in Mozambique's Offshore Area 1. The selection of CCS JV is subject to negotiation and entry into a definitive agreement prior to Anadarko and its co-venturers taking a Final Investment Decision (FID). The initial scope of work for the onshore LNG park includes two LNG trains, each with a capacity of six million tonnes per annum, two LNG storage tanks, condensate storage, multi-berth marine jetty and associated utilities and infrastructure. CCS JV has a long-term relationship with Anadarko and its partners for the planning and development of this project and will bring the three companies' substantial LNG experiences to successfully complete the onshore LNG park in Mozambique.
Anadarko Petroleum Corporation Selects CB&I, Chiyoda Corporation and Saipem for the Initial Development of the Onshore LNG Park in Mozambique
May 18 15
Anadarko Petroleum Corporation announced the selection of a consortium consisting of CB&I, Chiyoda Corporation and Saipem (CCS JV) for the initial development of the onshore LNG park in Mozambique. The scope of the work for the onshore LNG park includes two LNG trains, each with capacity of 6 MMTPA, which is an increase of 1 MMTPA per train over the original plan, while maintaining an estimated cost that is consistent with the co-venturers' original projections. The scope also includes two LNG storage tanks, each with capacity of 180,000 cubic meters, condensate storage, multi-berth marine jetty and associated utilities and infrastructure. The selection of CCS JV is subject to negotiation and entry into a definitive agreement prior to taking FID.
Eni Reviewing Again Possibility To Sell Saipem Stake
May 14 15
Eni SpA (BIT:ENI) is again reviewing its plans to cut stake in Saipem SpA (BIT:SPM). Emma Marcegaglia, President of Eni SpA said in an interview for Il Sole 24 Ore daily, "We are once again reviewing the plan".
Saipem Gets Order to Build Turkish Stream Pipeline
May 12 15
Gazprom through its wholly owned subsidiary South Stream Transport, has informed Italian construction company Saipem that it is lifting the five-month suspension of work on the construction of a gas pipeline in the Black Sea, which during this time has seen its route altered and name changed from South Stream to Turkish Stream. Saipem was hired to build the South Stream gas pipeline to Europe, construction of which was supposed to begin last fall.
Gazprom values the contract with Saipem not only for the contractor but also, in light of western sanctions against Russia, for the construction permits already received, industry sources told Interfax.
Saipem Reports Consolidated Earnings Results for the First Quarter of 2015
Apr 27 15
Saipem reported consolidated earnings results for the first quarter of 2015. For the quarter, the company reported revenues amounted to EUR 3 billion, an increase of 4.5% compared to the first quarter of 2014. This was driven primarily by of the improvement in E&C offshore, up 16% and the drilling segment, which was supported by good offshore fleet utilization and the appreciation of the dollar. Group EBIT for the quarter was EUR 159 million, 25% higher than the first quarter of 2014, with an overall margin of 5.3%, up from 4.4% in the same period last year. This improvement has 2 components. First, the E&C business, where offshore maintains steady average margin compared to first quarter of 2014, with new floater project contributing in line with their margin expectations. In addition, both offshore and onshore improved as a result of lower impact from legacy projects. In conclusion, the continuing improvement of operating profitability resulted in net income growing 26% year-on-year to EUR 77 million. Cash flow totaled EUR 269 million, a 14% year-on-year increase and enough to offset the EUR 150 million CapEx, and also, a portion of the seasonal working capital increase. This negative working capital contribution equaled to EUR 435 million net of ForEx effects. It was mainly connected to an increase of net receivable and work in progress. Net debt in the quarter was EUR 5.2 billion, including a negative net cash impact of EUR 381 million, which relates to ForEx hedging derivatives. Before this impact, net debt was EUR 4.8 billion, which was a decrease of approximately EUR 800 million on a yearly basis and EUR 388 million, higher than at the end of 2014.