|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||9.63 - 9.72|
|52 Week Range||7.06 - 11.33|
|Beta (3Y Monthly)||2.50|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
(Bloomberg) -- Saipem SpA is considering a combination with rival Subsea 7 SA in what could rank as one of the European oil services industry’s biggest-ever deals, people with knowledge of the matter said.The Italian company is pursuing a potential transaction with Norway-listed Subsea 7 as it seeks to bulk up and weather an industry downturn, according to the people, who asked not to be identified because the information is private.Subsea 7, which has a market value of about $3.3 billion, rose as much as 8.4% in Oslo trading Friday for the biggest advance in more than two years. Saipem jumped as much as 5.3%. Both companies later pared their gains.Saipem, whose biggest shareholder is Italian energy giant Eni SpA, is valued at about $4.9 billion. No final decisions have been made, and there’s no certainty the deliberations will lead to a transaction, according to the people.Subsea 7 and Saipem have held talks about a merger in previous years, though they failed to reach an agreement, the people said. Representatives for Saipem, Subsea 7 and Eni declined to comment.Falling Oil PricesThe price of Brent crude has fallen about 28% from its October 2018 peak, which has driven companies in the sector to try and bulk up to cut costs, diversify and become more competitive. Oil services providers, which supply energy explorers and producers with equipment and expertise, have been hit hard by the drop in crude prices, as their clients have cut spending on everything from drilling rigs to support platforms.The recovery for the service companies from the depths of crude’s crash that started in 2014 has been slower than anticipated. Offshore rig company Northern Drilling Ltd. canceled a deal to buy a new drillship in October while Prosafe SE, which provides accommodation vessels, has struggled. TechnipFMC Plc, formed by the combination of two service providers during the downturn, last month signaled challenges for some of its units.Subsea 7, led by Chairman Kristian Siem, made a failed attempt last year to take over McDermott International Inc. for $2 billion. Since then Subsea 7 has made some smaller acquisitions in its effort to expand through dealmaking, buying technology provider 4Subsea in October for an undisclosed sum.General Electric Co. merged its oilfield-services arm with Baker Hughes Co. in 2017. John Wood Group Plc acquired Amec Foster Wheeler Plc for almost $3 billion in stock the same year.Saipem isn’t the only company from the Italian energy industry seeking growth abroad. This year, Eni and OMV AG acquired a $5.8 billion stake in Abu Dhabi National Oil Co.’s refining unit. Since 2000, Eni has racked up 10 acquisitions each worth at least $1 billion.(Adds background in the seventh paragraph. A previous version of this story was corrected to show Eni and OMV’s investment was in the refining unit of Adnoc.)\--With assistance from Kiel Porter.To contact the reporters on this story: Ed Hammond in New York at email@example.com;Daniele Lepido in Milan at firstname.lastname@example.org;Dinesh Nair in London at email@example.comTo contact the editors responsible for this story: Ben Scent at firstname.lastname@example.org, ;Liana Baker at email@example.com, ;Rebecca Penty at firstname.lastname@example.org, Rakteem Katakey, James HerronFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Saipem is considering a combination with rival Subsea 7 to create a larger European oil services provider, people with knowledge of the matter said.
Italy's Saipem has been awarded a contract in Equatorial Guinea worth $90-$100 million to build a 70 km subsea pipeline linking the Alen platform with the Punta Europa petrochemical hub, the oil ministry said on Thursday. Gas deliveries from the project, operated by Noble Energy , are expected to begin in early 2021, Oil Minister Gabriel Obiang Lima said in a statement. The pipeline will serve offshore gas fields and have a capacity for 950 million cubic feet of gas per day as Equatorial Guinea looks to extend the life of its liquefied natural gas (LNG) production assets.
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Saipem S.p.A. Frankfurt am Main, September 26, 2019 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Saipem S.p.A. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.
Italian oil services group Saipem has drawn up a short list of potential partners for its drilling business as it casts around for joint venture deals to help revive growth. Saipem, controlled by state lender CDP and oil major Eni , makes most of its revenues from its core engineering and construction (E&C) unit but wants to keep exposure to drilling to capture the recovery it believes is round the corner. Chief Executive Stefano Cao said on Thursday the group had spent a lot of time assessing potential equity investors for its drilling operations.
Russia's Arctic LNG-2 project will be around a third cheaper to build than the country's Yamal LNG plant thanks to technology being built by Italy's Saipem, stakeholder Total said on Tuesday. Arnaud Le Foll, Total's head officer in Russia, said Saipem was building so-called gravity-based structure platforms (GBS) for gas liquefaction for the Arctic plant. GBS platforms have been used often in North Sea and other gas projects but not in Russia.
Does the April share price for Saipem S.p.A. (BIT:SPM) reflect what it's really worth? Today, we will estimate the stock's intrinsic value by estimating the company's future cash flows and discounting them to their present value...
MILAN/LONDON, March 15 (Reuters) - Italian oil services company Saipem is trying to lure big U.S. rivals into joint ventures but has so far failed to secure deals for stakes in drilling operations valued at up to 1.5 billion euros ($1.7 billion), six sources told Reuters. Saipem, controlled by Italian state lender CDP and oil major Eni, needs joint venture deals to revive growth and underpin its balance sheet after years of falling margins. Saipem has been reviewing options for its onshore and offshore assets for the past nine months in an effort to find a partner that would help it to cut costs, the sources said.