|Bid||1.0350 x 0|
|Ask||1.0480 x 0|
|Day's Range||1.0295 - 1.0595|
|52 Week Range||0.5700 - 98.0952|
|Beta (5Y Monthly)||1.91|
|PE Ratio (TTM)||N/A|
|Earnings Date||Oct 27, 2022|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||May 18, 2020|
|1y Target Est||N/A|
MILAN (Reuters) -Shares in Saipem on Friday tumbled below the issue price for new stock in a hyper-dilutive cash call that fell short of the 2 billion euro ($2.01 billion) target the Italian energy services firm sought from investors to shore up its finances. By 1000 GMT Milan-listed shares were down 26.5% at 0.86 euros, while Saipem sold its new shares at 1.013 euros each. The company said on Friday that underwriting banks had completed the purchase of new shares, worth almost 600 million euros, left unsold after it raised just 70.4% of the targeted amount in the capital increase.
Italian energy services group Saipem has agreed to sell its onshore drilling business to Britain's KCA Deutag (KCAD) for $550 million, as it strives to bolster its finances and focus on offshore drilling. Asset sales and a 2 billion euros ($2 billion) new share issue are part of Saipem's efforts to fund a turnaround plan after it downgraded earnings by 1 billion euros in January. The surprise profit warning, linked to a sharp margin deterioration on some contracts, came just three months after Saipem had presented a new business plan.
S&P Global ratings said on Friday it had raised Italy's Saipem to 'BB' from 'BB-' on the energy services group's 2 billion euros ($2.21 billion) capital hike planned for this year to help fund a turnaround plan. S&P removed the company from CreditWatch with negative implications, adding it had a positive outlook on the stock. "We could upgrade Saipem if the company delivered on its business plan in the coming six-to-twelve months and restored its historic track record of disciplined execution and better profitability," it added.