Eni sells 10% stake in Saipem for €393 Million

Must Read

OilNOW is an online-based Information and Resource Centre

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.

QatarEnergy, Eni ink 27-year LNG supply deal for Italy | OilNOW 

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.

Eni and Kaieteur block operator Ratio win six gas blocks offshore Israel | OilNOW 

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.



Partnered Events

Latest News

Sensorion Announces New Positive Secondary Efficacy Endpoints Data From SENS-401 Phase 2a Clinical Trial For The Preservation Of Residual Hearing Loss

MONTPELLIER, France--(BUSINESS WIRE)--Regulatory News: Sensorion (FR0012596468 – ALSEN) a pioneering clinical-stage biotechnology company which specializes in the development of novel...

More Articles Like This