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Saipem: Offshore wind shows signs of improvement but sector remains challenging

Alessandro Puliti, CEO of Saipem, highlighted the progress made in the offshore wind sector during the Energy Summit 2024, but warned that supply and demand have not yet fully met. Meanwhile, the stock has lost more than 3%

Saipem: Offshore wind shows signs of improvement but sector remains challenging

Il offshore wind sector is showing the first positive signs for 2024, especially on the supply and demand front. Alessandro Clean, CEO Saipem, he explained during the Energy Summit organized by the Sun 24 Hours at Piazza Affari, illustrating the current dynamics: “The prices of the latest auctions in the United Kingdom, for example, are interesting and we are going in the right direction for bridging that gap between costs and revenues, which is becoming almost structural in the sector”.

Puliti, however, specified that this the trial is still ongoing: “we cannot yet say that supply and demand have completely met; the process is not perfectly complete”.

Despite this, Saipem continues to resolutely carry forward ongoing projects and develop new technological solutions.

Innovative projects and Italian skills in the world

A concrete example of Saipem's innovative work is the Star1, a homegrown floating offshore wind system. Puliti explained that while the engineering for this system has already been completed, there is still a customer missing who is willing to order it: “We have completed the engineering, but it still needs to find a customer.”

In addition to technological innovation, Puliti underlined the central role of Italy in the company's global operations: "There is a lot of Italy in what we do. Many components are built in our Arbatax yard, so there is always an Italian content even when we work in the North Sea."

Saipem down at Piazza Affari

Meanwhile today a negative session at Piazza Affari, with the entire oil sector recording a decline. The company's shares were particularly hit by the sell-off, recording a loss of more than 3% and continuing trading at -3,27%.

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