Latest news with #Saipem
CNBC
22-05-2025
- Business
- CNBC
How a Schroders fund manager doubled returns on a 'rubbish' stock in 3 months
No stock is off the table for Simon Adler, a value investor at Schroders. "We are happy to buy the worst business you have ever conceived, provided it is cheap enough," Adler told the Value Investor conference of fund managers in London on Wednesday. Adler co-manages the Global Recovery, Global Income and Global Sustainable Value strategies at the British asset manager. He said he can back up his claim. "We can prove that because we have bought the worst business anyone can conceive," Adler added, before describing Italian oilfield services company Saipem as a "truly rubbish" stock in 2022. Yet, Adler's fund bought shares in Saipem around September of that year and doubled returns in about three months, the fund manager said. Earlier in 2022, Saipem had failed to raise capital through an auction to public market investors, and the stock tumbled from around 2.70 euros by about 70% in the weeks after. SPM-IT 5Y line That meant Saipem's investment banks, which included BNP Paribas , Citi , Deutsche Bank , HSBC , Intesa Sanpaolo and UniCredit , who had underwritten the new equity, were forced to buy them. Adler's team approached the investment banks and offered them 50 cents per share. However, the banks refused to sell at that price. Adler persisted. "Eventually, I think, on the fourth or fifth time of asking them, they sold us a big wedge," he said, by which time the stock had tumbled to 60 cents a share, a bottom. Saipem shares then rallied by more than 100% by the start of the following year. "We got it at such an incredibly low price that we were able to double our clients' money [in] the next three months," the Schroders fund manager added. At the time, Saipem, alongside other companies in the oilfield services sector, was recovering from the ultra-low oil prices during the pandemic that had pushed many in the sector deep into the red. The company's stock, since the start of 2023 and around the time Adler sold the shares, had rallied by a further 80% due to improving confidence among investors over the company's financial performance. For instance, late last month, the company reported revenues of 3.52 billion euros for the first quarter, which beat expectations of 3.47 billion euros. Similarly, the company's adjusted profits of 351 million euros came ahead of the market's expectations of 339.1 million euros. This week, it is also set to make a dividend payment of 333 million euros for the first time in a decade. Wall Street's bullish view of Saipem Even after the turnaround, Wall Street analysts believe there is further upside for the stock. The consensus price target of analysts polled by FactSet points to 39% upside for Saipem over the next 12 months. "We remain Outperform with €3.40 price target underpinned by the company's strong backlog and unchanged guidance," RBC Capital Markets analyst Victoria McCulloch said in an April 24 note to clients. McCulloch also suggested the stock had given up some of the strong gains seen in 2024, and the 10% decline this year could be attributed to the current macroeconomic factors rather than a company-specific issue. Others share that view, including Berenberg's analysts led by Richard Dawson. "The stock has taken a leg lower in recent weeks due to weaker sentiment from lower commodity prices," Dawson said in a note to clients on April 30. "However, management has not yet started to see changes to clients' investment decisions, with major tenders still occurring and a stable (and large) pipeline of future opportunities available to Saipem." More broadly, earlier this year, the company announced that it's pursuing a merger with its peer Subsea 7, and will emerge as Saipem7 once the transaction completes. JPMorgan analysts also remain bullish in their investment case for the stock. "Saipem's investment case has been blighted by execution issues historically," the Wall Street bank's analyst Kate Somervill said in a note to clients in March. "That said, under the new management team, the company has gone through a thorough backlog review and has returned to a period of high earnings growth (consistently beating guidance). We see significant backlog growth from its exposure to offshore where there are only three key global players, and it should benefit from strong pricing power given market consolidation," Somervill added. As for Schroder's Adler, the funder manager continues to look for value stocks — and isn't deterred by the quality of the business behind them. "So, whilst we would rather buy good quality businesses — and we do like buying good quality businesses — if you're looking at the cheapest bit of the market, you have to look at everything," Adler added. Saipem declined to comment.
Daily Express
19-05-2025
- Business
- Daily Express
TSM, FSI explore energy collaboration with Saipem Indonesia
Published on: Monday, May 19, 2025 Published on: Mon, May 19, 2025 Text Size: The delegates during the meeting. JAKARTA: A delegation from Technical Skill (M) Sdn Bhd (TSM) and the Federation of Sabah Industries (FSI) held a strategic meeting with PT Saipem Indonesia to explore energy collaboration opportunities. The team, led by TSM's top executives and FSI President Richard Lim, met with Saipem's Indonesia Country Manager Pierangelo Abela, with support from Rina representatives based in Asia-Pacific. Advertisement Discussions focused on aligning Sabah's Energy Roadmap and Master Plan 2040 (SE Ramp 2040) with Saipem's expertise in global energy infrastructure, especially in sustainable energy development. Lim said the meeting underscored growing international interest in Sabah's energy transition agenda and the State's strategic direction. The engagement marks another milestone in Sabah's push to forge global partnerships to support its long-term energy transformation objectives. * Follow us on Instagram and join our Telegram and/or WhatsApp channel(s) for the latest news you don't want to miss. * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
Zawya
13-05-2025
- Business
- Zawya
Italy launches first official presence at Oman Sustainability Week to bolster green partnership
Muscat: Oman represents an increasingly strategic economic partner for Italy in the MENA region. In 2024, bilateral trade reached €708.9 million, a significant increase from €537.9 million in 2023. Italian exports to Oman totalled €692,296,413, marking a 31% rise from €527,064,548 the previous year. Key Italian export sectors include machinery and mechanical equipment for the oil & gas industry, processed products in iron, steel, and aluminium, electrical components, and various chemical products. Omani exports to Italy also saw a substantial increase in 2024, from €103,905,260 to €243,370,202. Italy maintained a trade surplus of €448,926,211. Globally, Italy was Oman's 18th largest supplier and 27th customer. Among major European economies, Italy ranked second (1.09% market share) after Germany (1.71%), followed by the UK (0.98%), Spain (0.59%), and France (0.43%). Italian business presence in Oman is concentrated in energy (e.g., ENI, Saipem), telecommunications (Prysmian, Sparkle), infrastructure and construction (engineering firms such as F&M Middle East and Renardet), and defence (with key Italian players active in the sector). Despite its relatively small population of around 5 million (40% expatriates), Oman offers a high-spending elite market, traditionally drawn to premium Made in Italy products (fashion, footwear, jewellery, luxury goods, and shipbuilding). Italian technical expertise is also in high demand, particularly within the country's long-term development strategy, Vision 2040. To further enhance trade ties, ICE (Italian Trade Agency) reopened its Country Desk in Muscat in March 2024, following its temporary closure due to the pandemic. Within this context, the most promising business opportunities for Italian companies lie in Oman's Vision 2040, the national roadmap for economic diversification. Of particular interest are Oman's ambitious investments in the green hydrogen sector, where several international consortia are already exploring collaboration with Italian firms. Oman's energy sector is central to its economy, heavily dependent on natural gas (88.1%) and oil (11.5%), yet increasingly open to renewable energy. The country has committed to reducing greenhouse gas emissions by 7% by 2030 and aims for renewables to account for 30% of its electricity mix. Currently, around 70% of Oman's annual budget stems from oil & gas revenues, which contribute 30% of its GDP. Oman continues to increase production—expecting an additional 50,000–100,000 barrels per day in coming years—through advanced technologies in heavy crude extraction. The post-2020 recovery in oil prices has strengthened government revenues, with notable opportunities remaining in upstream exploration and production. Oman actively seeks foreign expertise in drilling, hydraulic fracturing, and enhanced oil recovery technologies. Given the aging infrastructure, there is demand for modern equipment (pipelines, wellheads, pumps, seismic tools), and offshore exploration—initiated in 2017—also offers promising prospects. ENI holds exploration and development rights for two onshore and one offshore block. The government's pledge to eliminate routine gas flaring by 2030 aligns with its sustainability goals and encourages further energy investments. To diversify its energy mix, Oman is preparing two major gas-powered Independent Power Producer (IPP) projects for 2025. In parallel, green hydrogen and ammonia initiatives are being developed at Duqm Port with a planned capacity of 1.2 GW. The country aims to generate 20% of its electricity from renewablesby 2 030 and 35–39% by 2040 under Vision 2040. In 2022, total electricity production stood at 41,747.4 GWh, of which only 14 GWh came from renewables. Oman is therefore accelerating solar and hydrogen investments, targeting 163 MW in installed renewable capacity by 2025 and 3,631 MW by 2030. Pierluigi D'Elia, Ambassador of Italy to the UAE, said: 'Italy and the OMAN have been enjoying a steadily growing cooperation on sustainable projects. Italian companies are willing to share technologies, expertise, and innovation with their Omani friends and the Sustainability week is the right occasion to further strengthen our collaboration and create new opportunities. Italy and Oman are fully committed to a sustainable future and their trade relationship is showing a positive dynamic also in the private sector at this regard.' Valerio Soldani, Italian Trade Commissioner to the UAE and Oman, commented 'Italy's renewable energy and sustainability sectors are uniquely positioned to offer innovation, expertise, and long-term value, fully aligned with Oman's Vision 2040 and its ambition to become a leader in the green economy. Oman Sustainability Week 2025 marks a significant milestone: for the first time ever, Italy is participating with an official delegation of 17 companies, coordinated by the Italian Trade Agency (ITA). ITA's dedicated office in Muscat, working in close collaboration with the Italian Embassy, is committed to supporting bilateral trade relations and fostering strategic partnerships in sustainability, energy transition, and innovation, deploying an effective toolkit of services and promotional activities in the Omani market.'' The Oman Sustainability Week 2025 marks a historic milestone in the economic relations between Italy and the Sultanate of Oman: for the first time ever, the Italian Trade Agency (ICE/ITA) is present with its own official national pavilion at a trade fair in the country. This unprecedented institutional participation reflects Italy's growing interest in Oman as a key strategic partner in the Gulf region, particularly in sectors linked to sustainable development, energy transition, and technological innovation. The initiative is not only a symbolic step forward in bilateral relations, but also a concrete platform to foster new commercial partnerships, promote Italian excellence, and support small and medium-sized enterprises in penetrating a promising and dynamic market. The presence of the ICE/ITA stand at Oman Sustainability Week 2025 is the result of a broader effort to relaunchItaly's trade diplomacy in Oman. After the reopening of the ICE Country Desk in Muscat in March 2024, this official pavilion represents a further consolidation of Italy's commitment to supporting its national companies in exploring the opportunities offered by Oman's Vision 2040. Seventeen Italian companies will be featured in the national catalogue, representing sectors such as renewable energy, water and waste management, advanced engineering, and green technologies. The ICE stand will serve as a coordination and visibility hub for Italian firms, facilitating networking with Omani institutions, business counterparts, and regional stakeholders. This pioneering presence not only showcases Italy's capabilities in sustainability and innovation, but also underscores the shared ambition of both countries to build a future rooted in responsible growth, energy diversification, and environmental stewardship. © Muscat Media Group Provided by SyndiGate Media Inc. (
Times of Oman
10-05-2025
- Business
- Times of Oman
Italy launches first official presence at Oman Sustainability Week to bolster green partnership
Muscat: 8th May 2025: Oman represents an increasingly strategic economic partner for Italy in the MENA region. In 2024, bilateral trade reached €708.9 million, a significant increase from €537.9 million in 2023. Italian exports to Oman totalled €692,296,413, marking a 31% rise from €527,064,548 the previous year. Key Italian export sectors include machinery and mechanical equipment for the oil & gas industry, processed products in iron, steel, and aluminium, electrical components, and various chemical products. Omani exports to Italy also saw a substantial increase in 2024, from €103,905,260 to €243,370,202. Italy maintained a trade surplus of €448,926,211. Globally, Italy was Oman's 18th largest supplier and 27th customer. Among major European economies, Italy ranked second (1.09% market share) after Germany (1.71%), followed by the UK (0.98%), Spain (0.59%), and France (0.43%). Italian business presence in Oman is concentrated in energy (e.g., ENI, Saipem), telecommunications (Prysmian, Sparkle), infrastructure and construction (engineering firms such as F&M Middle East and Renardet), and defence (with key Italian players active in the sector). Despite its relatively small population of around 5 million (40% expatriates), Oman offers a high-spending elite market, traditionally drawn to premium Made in Italy products (fashion, footwear, jewellery, luxury goods, and shipbuilding). Italian technical expertise is also in high demand, particularly within the country's long-term development strategy, Vision 2040. To further enhance trade ties, ICE (Italian Trade Agency) reopened its Country Desk in Muscat in March 2024, following its temporary closure due to the pandemic. Within this context, the most promising business opportunities for Italian companies lie in Oman's Vision 2040, the national roadmap for economic diversification. Of particular interest are Oman's ambitious investments in the green hydrogen sector, where several international consortia are already exploring collaboration with Italian firms. Oman's energy sector is central to its economy, heavily dependent on natural gas (88.1%) and oil (11.5%), yet increasingly open to renewable energy. The country has committed to reducing greenhouse gas emissions by 7% by 2030 and aims for renewables to account for 30% of its electricity mix. Currently, around 70% of Oman's annual budget stems from oil & gas revenues, which contribute 30% of its GDP. Oman continues to increase production—expecting an additional 50,000–100,000 barrels per day in coming years—through advanced technologies in heavy crude extraction. The post-2020 recovery in oil prices has strengthened government revenues, with notable opportunities remaining in upstream exploration and production. Oman actively seeks foreign expertise in drilling, hydraulic fracturing, and enhanced oil recovery technologies. Given the aging infrastructure, there is demand for modern equipment (pipelines, wellheads, pumps, seismic tools), and offshore exploration—initiated in 2017—also offers promising prospects. ENI holds exploration and development rights for two onshore and one offshore block. The government's pledge to eliminate routine gas flaring by 2030 aligns with its sustainability goals and encourages further energy investments. To diversify its energy mix, Oman is preparing two major gas-powered Independent Power Producer (IPP) projects for 2025. In parallel, green hydrogen and ammonia initiatives are being developed at Duqm Port with a planned capacity of 1.2 GW. The country aims to generate 20% of its electricity from renewablesby 2 030 and 35–39% by 2040 under Vision 2040. In 2022, total electricity production stood at 41,747.4 GWh, of which only 14 GWh came from renewables. Oman is therefore accelerating solar and hydrogen investments, targeting 163 MW in installed renewable capacity by 2025 and 3,631 MW by 2030. Pierluigi D'Elia, Ambassador of Italy to the UAE, said: 'Italy and the OMAN have been enjoying a steadily growing cooperation on sustainable projects. Italian companies are willing to share technologies, expertise, and innovation with their Omani friends and the Sustainability week is the right occasion to further strengthen our collaboration and create new opportunities. Italy and Oman are fully committed to a sustainable future and their trade relationship is showing a positive dynamic also in the private sector at this regard.' Valerio Soldani, Italian Trade Commissioner to the UAE and Oman, commented 'Italy's renewable energy and sustainability sectors are uniquely positioned to offer innovation, expertise, and long-term value, fully aligned with Oman's Vision 2040 and its ambition to become a leader in the green economy. Oman Sustainability Week 2025 marks a significant milestone: for the first time ever, Italy is participating with an official delegation of 17 companies, coordinated by the Italian Trade Agency (ITA). ITA's dedicated office in Muscat, working in close collaboration with the Italian Embassy, is committed to supporting bilateral trade relations and fostering strategic partnerships in sustainability, energy transition, and innovation, deploying an effective toolkit of services and promotional activities in the Omani market.'' The Oman Sustainability Week 2025 marks a historic milestone in the economic relations between Italy and the Sultanate of Oman: for the first time ever, the Italian Trade Agency (ICE/ITA) is present with its own official national pavilion at a trade fair in the country. This unprecedented institutional participation reflects Italy's growing interest in Oman as a key strategic partner in the Gulf region, particularly in sectors linked to sustainable development, energy transition, and technological innovation. The initiative is not only a symbolic step forward in bilateral relations, but also a concrete platform to foster new commercial partnerships, promote Italian excellence, and support small and medium-sized enterprises in penetrating a promising and dynamic market. The presence of the ICE/ITA stand at Oman Sustainability Week 2025 is the result of a broader effort to relaunchItaly's trade diplomacy in Oman. After the reopening of the ICE Country Desk in Muscat in March 2024, this official pavilion represents a further consolidation of Italy's commitment to supporting its national companies in exploring the opportunities offered by Oman's Vision 2040. Seventeen Italian companies will be featured in the national catalogue, representing sectors such as renewable energy, water and waste management, advanced engineering, and green technologies. The ICE stand will serve as a coordination and visibility hub for Italian firms, facilitating networking with Omani institutions, business counterparts, and regional stakeholders.
Yahoo
29-04-2025
- Business
- Yahoo
Saipem secures €520m contract for Liverpool Bay CCS project in UK
Saipem has won a €520m ($591.5m) contract spanning three years for the Liverpool Bay carbon capture and storage (CCS) project from Eni. The Liverpool Bay CCS project will support the HyNet industrial cluster, located in one of the UK's most energy-intensive regions. Saipem's role includes converting an existing gas compression and treatment facility at Point of Ayr, North Wales, into a CO₂ electrical compression station, which will enable the permanent storage of CO₂ in offshore depleted fields beneath Liverpool Bay. The scope of work encompasses engineering, procurement, construction and assistance with commissioning of the electrical compression station. The integration of this facility with the offshore and onshore segments is a crucial step for the overall development. The project is expected to employ more than 1,000 people during the construction phase. It is also expected to result in considerable emissions reductions for industries in the northwest of England and North Wales. The project will capture CO₂ from industrial emitters in the region and inject it into new and repurposed gas pipelines. The first users of Eni's transport and storage (T&S) infrastructure include companies in cement production, low-carbon hydrogen, and energy-from-waste. The rest of the T&S capacity will be assigned to other emitters chosen by UK authorities. The project will be initiated with a capacity of 4.5 million tonnes (mt) of CO₂ per year, scaling up to 10mt in the 2030s. By securing this contract, Saipem is reinforcing its position in the CO₂ value chain and contributing to one of the UK's leading carbon capture and storage projects. Eni recently achieved financial close with the UK government's Department of Energy Security and Net Zero (DESNZ) for the Liverpool Bay CCS project. This allows the construction phase to commence and stimulate investments in the local supply chain. "Saipem secures €520m contract for Liverpool Bay CCS project in UK" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
