Eni sells 10% stake in Saipem for €393 Million

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Italian oil and gas company Eni has divested a 10% stake in oilfield services provider Saipem for €393 million (US$422.48 million). The sale was conducted via an accelerated bookbuilding process on June 11, 2024, with the transaction set to conclude on June 14.

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Eni’s holding in Saipem is now approximately 21.19%, with 12.5% of this stake tied up in a shareholders’ agreement with CDP Equity, a subsidiary of Italian state lender CDP. The divestment aligns with Eni’s strategy to manage debt and focus on primary business activities, targeting net proceeds of €8 billion by 2027.

A consortium of banks, including Citigroup, Goldman Sachs International, Intesa Sanpaolo, Natixis, and UniCredit, facilitated the placement, targeting institutional investors.

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Saipem, which issued a profit warning in 2022, has undergone restructuring, including a capital increase, operational overhaul, and management changes. Recently, the company secured three contracts worth US$3.7 billion from a TotalEnergies subsidiary for the Kaminho project offshore Angola. These contracts involve the development of the Cameia and Golfinho oilfields, including the construction and operation of a floating production, storage and offloading vessel and a comprehensive subsea infrastructure package.

 

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