Saipem revises the 4 euro share on the Stock Exchange and reaches the maximum for six weeks, thanks to the new contracts in Saudi Arabia announced before the start of negotiations.
The share of the plant group for the oil industry gains 4,5% and is the best in Milan. Saipem was awarded by Saudi Aramco two contracts worth a total of 1,3 billion dollars for the development of offshore fields in the Persian Gulf. The contracts include the design, procurement, construction and installation of subsea systems, the laying of related pipelines, cables and umbilicals and related platforms.
“Positive news that confirms the good momentum from a commercial point of view – observes an Italian investment house reported by Radiocor – We recall that the collection of orders in the fourth quarter of 2018 had a strong acceleration in the last two weeks of December with three orders announced for a total $2,4 billion."
At the end of December, Saipem had announced the contract Arctic Lng 2 in the territory of the Russian Federation (1,1 billion euros the share pertaining to it), contracts for drilling in South America for 255 million dollars and the$1,2 billion addendum to Petrobel contract in Egypt.
The same investment house estimates the order intake for the fourth quarter of 4,2 at 2018 billion dollars. "The news is positive and improves visibility compared to our estimates for 2019-20 - adds another broker, also reported by Radiocor - The contract represents approximately 14% of the order intake we expect in 2019 and 28% of the order intake of the offshore E&C division”.
