Saipem jumps on the stock market this morning and stands out in a weak Piazza Affari, in the wake of the new order which was awarded in the deep waters in Indonesia the value of $1 billion in relevance, equal to 0,96 billion euros. The contract, in consortium with Pt Meindo Elang Indah, has a total value of 1,2 billion dollars, equivalent to 1,15 billion euros.
The stock at Piazza Affari is up 0,79% at mid-morning at 2,42 euros, after an opening high of 2,46 euros, while the Ftse Mib is down 0,87%. According to graphic analysts, Saipem's technical situation has improved over the last few weeks. The stock has seen a leap that has brought it to the most important graphic resistance area in the 2,44-2,45 euro area. If this level were to be broken, the way would open up to a first target at 2,49-2,50 and then a second around 2,54 euros. Analysts say that it is difficult for now to hypothesize a trend reversal and only a return below 2,2750 could indicate weakness.
Offshore project aims to produce natural gas resources
In detail, the project includes deep-water offshore works for the production and transportation of natural gas , capture, the use and storage of the Co2 and is part of the integrated project 'Tangguh Ucc Project'. The latter includes the development of the Ubadari field, gas recovery through carbon capture, utilization and storage (EGR/CCUS) and onshore compression. It is operated by BP Berau and is located in Papua Barat province.
The order includes the production of natural gas resources from the Ubadari offshore field and its transport to the LNG plant on the coast, where the gas will be subjected to a CO2 separation processThe captured carbon dioxide will then be sent to a deep-sea platform for reinjection into the field, helping to extract additional natural gas resources.
Saipem's specific activities include the engineering, supply, construction and installation of 2 wellhead platforms, a CO2 reinjection platform and approximately 90 km of associated pipelines. The platforms will be manufactured locally in Karimun, Saipem's largest shipyard in the world and one of the largest in South-East Asia, with over 5 employees and a surface area of approximately 1,4 million square metres.
