|Bid||98.36 x 37100|
|Ask||98.44 x 128000|
|Day's Range||96.12 - 98.58|
|52 Week Range||77.86 - 117.75|
|Beta (3Y Monthly)||1.24|
|PE Ratio (TTM)||338.21|
|Earnings Date||Nov 7, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||15.32|
Offshore oilfield service companies Saipem and Subsea 7 could be considering a merger, a deal that would create a new deepwater drilling giant
Luxembourg – 15 November 2019 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) (the Company) announced today that on 15 November 2019, the Company transferred 7,346 shares from.
(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 firstname.lastname@example.org;Daniele Lepido in Milan at email@example.com;Dinesh Nair in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Ben Scent at email@example.com, ;Liana Baker at firstname.lastname@example.org, ;Rebecca Penty at email@example.com, Rakteem Katakey, James HerronFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
European stocks were facing a weekly loss, though optimism over global trade talks were providing some support. Merger talk for oil service providers lifted shares of Saipem and Subsea 7.
Saipem is considering a combination with rival Subsea 7 to create a larger European oil services provider, people with knowledge of the matter said.
Luxembourg – 7 November 2019 – Subsea 7 S.A. (the Group) (Oslo Børs: SUBC, ADR: SUBCY, ISIN: LU0075646355) announced today results for the third quarter which ended 30.
Luxembourg – 31 October 2019 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) announced today an award by OneSubsea®, the subsea technologies, production and processing systems.
Luxembourg – 31 October 2019 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award of a sizeable(1) contract for Seaway 7 by Jan de Nul for the Formosa 2.
Luxembourg – 10 October 2019 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) will publish its third quarter results for the period ended 30 September 2019 on 07 November 2019 at.
Subsea 7 awarded contract offshore UK Luxembourg – 04 October 2019 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award of a sizeable(1) contract by Shell.
Subsea 7 S.A. Mandatory notification of share trades Luxembourg – 02 October 2019 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) announces mandatory notification of the.
Luxembourg – 02 October 2019 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award of a sizeable(1) contract for the installation of the submarine cable system.
Luxembourg – 30 September 2019 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) announced today the award of two contracts, together representing a sizeable(1) contract award, by BP Exploration for the Azeri Central East (ACE) project in the Azeri-Chirag-Deepwater Gunashli (ACG) field in the Caspian Sea in a water depth of approximately 140 metres. Engineering work shall commence immediately from Subsea 7’s office in France and offshore execution is expected to take place in 2021 and 2022. Gilles Lafaye, Subsea 7’s Vice President Africa Region, said: “This project reflects our long-term relationship and early engagement with BP Exploration and builds on our Life of Field activities in Azerbaijan.
Luxembourg – 19 September 2019 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) (the “Company”) in accordance with the Oslo Børs rules, today announces the details of awards under.
Luxembourg – 12 September 2019 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) announces mandatory notification of the following share transaction by a primary insider:.
Luxembourg – 10 September 2019 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY)(the Company) today announced that Jean Cahuzac will retire from his position as CEO at the end of this year, and will be succeeded from 1 January 2020 by John Evans, who is currently COO. Jean Cahuzac has been in the industry for 41 years and CEO for Subsea 7 since 2008, having previously worked for Transocean and Schlumberger. Following his retirement as CEO, Jean will continue as a Non-Executive Director of the Company.
The engineering, procurement, construction and installation (EPCI) contract is awarded for execution in consortium with L&T Hydrocarbon Engineering (LTHE), a subsidiary of Larsen & Toubro. The consortium’s workscope consists of EPCI of new tie-in platforms, production deck manifolds, approximately 217 kilometres of rigid pipelines, approximately 145 kilometres of power cables, and a fibre optic cable in the Marjan field in water depths of approximately 45 to 52 metres.
Luxembourg – 09 September 2019 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY, ISIN LU0075646355) is holding an Innovation and Technology event on 27 September, from 9:30am to 1pm at our offices in Stavanger. The event is open to both investors and analysts. The event will demonstrate examples of Subsea 7’s innovation and technology programmes.
The engineering, procurement, construction and installation (EPCI) contracts are awarded for execution in consortium with L&T Hydrocarbon Engineering (LTHE), a subsidiary of Larsen & Toubro. The consortium’s workscope consists of EPCI for a total of 28 Jackets comprised of eight new jackets to be installed in the Marjan and Zuluf fields, ten Jackets in the Safaniya and Zuluf fields (including a pipeline decommissioning scope) and a further ten Jackets in the Zuluf and Ribyan fields.
Luxembourg – [2nd September] 2019 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY, ISIN LU0075646355) today announced the award of a sizeable(1) contract by Total E&P do Brasil(2) for the development of the Lapa North East field located approximately 300 kilometres off the coast of the State of São Paulo, at 2,150 metres water depth in the pre-salt Santos Basin. The work scope includes the transport, installation and pre-commissioning of 35 kilometres of flexible pipelines and 20 kilometres of umbilical, connecting 5 wells to the FPSO Cidade de Caraguatatuba. Project management and detailed engineering will commence immediately at Subsea 7’s office in Rio de Janeiro, Brazil.