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

February 3, 2022

Saipem 7000 crane vessel (File photo: Saipem)
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)




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