Shoot upwards Saipem this morning, which leads to the top of the basket of FTSE MIB with a gain of more than 2%. The stock celebrates the announcement of having received formal notification of the completion of the transaction Dolphin between BW Energy and Petrobras, under which BW Energy acquired 100% of the rights to exploit the Golfinho field. This was a condition precedent of the sale of the FPSO vessel Cidade de Vitoria to BW Energy for $73 million.
Late morning at Business Square share 1,55 euro up by 2,08%, In the last month the share has gained 4,66%. The Fitse Mib at the same time, while positive, limits earnings to +0,54%.
In view of the sale of the Fpso vessel for 73 million
The transaction is part of the Memorandum of Agreement (MOA), signed by BW Energy and Saipem for the sale of the floating unit of production, storage and unloading (FPSO) Cidade de Vitória, communicated on June 27, 2022. The completion of the Golfinho operation was in fact condition precedent is preferably used for sale of the FPSO, which is currently operating at full production capacity, and for initial consideration payments.
Pursuant to the MOA, the consideration that BW Energy will pay to Saipem for the sale of the FPSO is equal to 73 million dollars, of which 38 million upon completion of the Golfinho deal and 35 million in 18 monthly installments following the transfer of the unit.
Saipem and BW Energy are engaged in the completion of the process of transfer of ownership and handover of the FPSO Cidade de Vitória, which is expected to take place by the fourth quarter of 2023. Saipem will continue to operate the FPSO, providing BW Energy with operational management and maintenance services until when transferring the unit.
Saipem stock seen to strengthen in the short term
THEtitle analysis performed on a weekly basis highlights the uptrendline of the services and solutions company for the energy and infrastructure sector more pronounced than the performance of the FTSE MIB. This expresses the market's greater attractiveness towards the stock.
Saipem's technical status is in strengthening in the short term, with area of resistance view at 1,569 Euros, while the first support it is estimated at 1,527. The technical implications favor a broadening of performance to the upside, with resistance seen at 1,612.
