New tile for Saipem after the alarm on the accounts e the revolution at the top. The Court of Algiers suspended the Gln3 contract in Algeria awarded in 2008 and imposed a fine on Saipem, Saipem Contracting Algérie and Snamprogetti Algeria Branch maxi fine of 192 million euros as part of the first instance judgment of the trial in progress since 2019. Two former employees of the Saipem Group were also sentenced (the then manager of the GNL3 Arzew project and a former Algerian employee) to respectively 5 and 6 years in prison. Another employee of the Saipem Group was instead acquitted of all charges.
The companies involved, Saipem announces in a note, "will appeal the decision sentence by the Court of Algiers with consequent suspension of the effects of the same".
The maxi fine, the oil company says again, will affect the 2021 accounts even if, following the appeal, it will not be paid. Saipem recalls that on December 14, 2020 the Court of Milan had definitively acquitted it for the procedures for the assignment in 2008 of the LNG 3 Arzew project.
In the meantime, following the entry of Alessandro Puliti (Eni) in the role of general manager and Paolo Calcagnini, who arrived to lead the unit aimed at strengthening the planning and financial control of contracts and other management activities, Saipem is engaged in revision of the Strategic Plan to 2025 presented last October 28th. A necessary operation after the profit warning and the announcement of the need to proceed with an increase of at least 1,5 billion to replace the third of the capital that went up in smoke. The new plan – reads a note – will be submitted for approval by the board of directors next March 15th, on the occasion of the board meeting which will examine the 2021 consolidated and statutory financial statements and the financial manoeuvre. Furthermore, on 23 February, the board of directors will examine the adjusted consolidated data for the 2021 preliminary results and, in particular, revenues, ebitda, ebit and net financial position and the guidelines of the revision of the 2022-2025 Strategic Plan.
