|Bid||4.605 x 0|
|Ask||4.640 x 0|
|Day's Range||4.541 - 4.664|
|52 Week Range||2.942 - 4.664|
|PE Ratio (TTM)||N/A|
|Earnings Date||Oct 24, 2018|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||4.52|
MILAN (Reuters) - Italian oil contractor Saipem (SPMI.MI) said it had been awarded a contract to lay pipes to transport gas to Serbia by Gazprom (GAZP.MM) unit Gastrans."For Saipem it is an important ...
Italian oil services company Saipem (SPMI.MI) said it is considering acquisitions in engineering and construction as it shifts its business away from drilling activity, which has dragged on earnings. The company said it may make "targeted investments" in the engineering and construction sector to maintain its leadership, while at the same time considering "strategic options" for its drilling business. The shift in strategy came as the company reported a net loss of 321 million euros (£284.72 million) in the second quarter after booking costs of 316 million euros relating to writedowns, reorganisation costs and a tax settlement of 202 million euros.
Saipem secures a 'pipeline project' in the Middle East offshore engineering and construction sector worth approximately $1.3 billion.
Moody's Investors Service, ("Moody's") has today affirmed the Ba1 corporate family rating (CFR), the Ba1-PD probability of default rating (PDR), and (P)Ba1 senior unsecured MTN program rating of Saipem S.p.A. (Saipem) and the Ba1/(P)Ba1 senior unsecured notes and program ratings of Saipem Finance International B.V. The outlook on all ratings remains stable. The rating action reflects Moody's expectation that adjusted leverage will remain below 4.0x and FFO/debt at around 20% for the next 12 - 18 months despite the company's guidance of further falling EBITDA in 2018. The offshore drilling market has been very weak for a number of years, which has impacted Saipem's operating performance materially.
Norwegian offshore oil services firm Subsea 7 is open to potentially sweetening its $2 billion offer for McDermott if the U.S. company would work with it to identify additional benefits of a deal, Subsea said on Wednesday. "Subsea 7 is open to considering amending its proposal if it can discover additional value through discussions with the McDermott management team," Subsea, one fifth owned by Norwegian billionaire Kristian Siem, said in a statement.
Italian oil services group Saipem (SPMI.MI) is looking round for growth opportunities after a bid by rival Subsea 7 (SUBC.OL) for U.S. contractor McDermott (MDR.N) sent waves through the sector. "The bid is a sign of consolidation in the sector that needs to be monitored closely," Saipem CEO Stefano Cao said on Tuesday in a conference call after first quarter results. Subsea 7 made an unsolicited offer worth about $2 billion for McDermott on Monday, a deal that could make the Oslo-listed contractor a market leader for subsea equipment.
Italian oil services group Saipem is looking round for growth opportunities after a bid by rival Subsea 7 for U.S. contractor McDermott sent waves through the sector. "The bid is a sign of consolidation in the sector that needs to be monitored closely," Saipem CEO Stefano Cao said on Tuesday in a conference call after first quarter results. Subsea 7 made an unsolicited offer worth about $2 billion for McDermott on Monday, a deal that could make the Oslo-listed contractor a market leader for subsea equipment.
Italian oil services company Saipem (SPMI.MI) said on Monday it had republished its 2015 and 2016 results to comply with a ruling by market regulator Consob, but it added that it would appeal the decision. Saipem, controlled by oil major Eni (ENI.MI) and state lender Cassa Depositi e Prestiti, said the adjustments had been requested by Consob to reflect the booking of impairment costs. On the basis of the requests it said its 2015 pro forma net loss would be 2.6 billion euros (2.2 billion pounds) from a reported loss of 789 million euros while its pro forma net loss in 2016 would be 368 million euros from a reported 2.1 billion euros.
The main investors in Italy's Saipem (SPMI.MI) said on Thursday they would ask shareholders to reappoint Stefano Cao as chief executive of the oil service company. CDP Equity, owned by state lender Cassa Depositi e Prestiti (CDP), and oil major Eni (ENI.MI) included Cao's name in a slate of directors they will propose at a Saipem shareholder meeting in May. "Stefano Cao is the candidate who possesses the required professional skills to be confirmed as CEO of the company," they said in a joint statement.
The main investors in Italy's Saipem said they would ask shareholders to reappoint Stefano Cao as chief executive of the oil service company.
Italian oil services company Saipem (SPMI.MI) expects its revenues to fall this year as energy majors keep a tight grip on purse strings and pressure oil contractors' order books. Saipem, controlled by oil major Eni (ENI.MI) and state lender CDP, said it expected sales to be around 8 billion euros (7.14 billion pounds)this year, a billion euros less than in 2017. The recent uptick in oil prices has not yet prompted oil service company clients to speed up investments despite a few timid signs of recovery in some segments, it said.
Italian oil services group Saipem expects a difficult year ahead after sales and profit last year fell short of its guidance due to weak order books.
An Italian prosecutor has asked for jail sentences for a top manager and a former chief executive of oil and gas group Eni (ENI.MI) who are standing trial in an Algerian corruption case. Milan prosecutor Isidoro Palma asked on Monday for Eni's Chief Upstream Officer Antonio Vella and former CEO Paolo Scaroni to be given sentences of five years and four months and six years and four months, respectively, in the case which is still ongoing. Under Italy's legal process, prosecutors can ask for a jail sentence in a case even though no verdict has been delivered.
A Turkish blockade of a ship hired by Eni (ENI.MI) to drill for gas off the Cyprus coast is a diplomatic issue that is out of the Italian oil company's hands, Eni's CEO said on Friday. Last week, the Saipem 12000 drill ship heading from a location southwest of Cyprus towards an area southeast of the island was stopped by Turkish military ships and told not to continue because of military activities in the destination area. The ship is still halted, a Saipem (SPMI.MI) spokesman said.
Categories: Europe Stock Alerts Yahoo FinanceGet full CapitalCube analysis *Disclaimer : This is as of previous day’s closing price. Technical Indicators Below is a quick look at 5 technical indicators for Saipem SpA. More studies are available on the Technical Chart. Indicator Signal Closing Price above/below 50 Day Moving Average Bullish Closing Price above/below 200 Day Moving Average Bullish 50 ... Read more (Read more...)
Saipem is awarded a new services contract by Saudi Aramco for Engineering, Procurement, Construction (EPC) activities in Saudi Arabia.