Maire Tecnimont Says Not Part of Any Tie-up with Struggling Saipem

Federico Maccioni
Thursday, February 3, 2022
Saipem 7000 crane vessel (File photo: Saipem)

Italian engineering group Maire Tecnimont said on Thursday "it is not part of any project of integration with Saipem," after fears of a potential tie up had pushed its shares down 6%.

The idea of merging the two companies first emerged several years ago and resurfaced this week when shares in energy services group Saipem plunged to their lowest level since 1992 after a shock profit warning blamed on higher costs and delays at its onshore business unit and offshore wind projects.

Saipem on Monday warned that it would report a 2021 loss of over one-third of the company's equity, which under Italian law would oblige it to ask shareholders to agree measures to offset the losses.

The company, controlled by energy group Eni and Italian state lender Cassa Depositi and Prestiti (CDP), added that it might need additional funding.

Saipem's main shareholders were reviewing a range of options, three sources close to the matter said on Wednesday, with one of them noting a merger with Maire Tecnimont was complex and would require more time.

 ($1 = 0.8860 euros) 

(Reporting by Federico Maccioni, editing by Keith Weir)


Categories: Finance Energy Mergers & Acquisitions Industry News Activity

Related Stories

Seequent Receives Award at Global Offshore Wind 2025, Hosts Upcoming Webinar

Seequent Receives Award at Global Offshore Wind 2025, Hosts Upcoming Webinar

Petronas Expands Suriname Portfolio with Deepwater Block Acquisition

Petronas Expands Suriname Portfolio with Deepwater Block Acquisition

Egypt Still on Hold as Israel Resumes Limited Gas Exports

Egypt Still on Hold as Israel Resumes Limited Gas Exports

Current News

Seequent Receives Award at Global Offshore Wind 2025, Hosts Upcoming Webinar

Libya Blocks Greek Tender for Hydrocarbon Exploration Off Crete

Russia Looks to Myanmar Offshore Oil and Gas Prospects

TotalEnergies’ Offshore Platform Workers in UK Secure Better Conditions

Subscribe for OE Digital E‑News

Offshore Engineer Magazine