Italy’s Eni sells 10 percent stake in Saipem

Italian energy firm Eni has sold a 10 percent stake in compatriot energy services company Saipem.

Eni announced the completion of the sale in a statement issued on Wednesday saying that the settlement of the transaction will take place on June 14.

The firm sold the stake at 1.970 euros per share, totaling about 393 million euros ($422 million) of proceeds.

Following the placement, carried out through an accelerated bookbuilding aimed at institutional investors, Eni holds 422,920,192 shares in Saipem, it said.

This represents about 21.19 percent of the share capital of Saipem, of which 249,504,583 shares (about 12.5 percent of the share capital) are covered by the shareholders’ agreement with CDP Equity, Eni said.

In the context of the transaction, Eni agreed with the joint bookrunners not to sell additional shares of Saipem on the market for a period of 180 days, subject to waiver by the joint bookrunners and customary exceptions in line with market practice, the firm added.

Saipem is currently working on LNG projects, including the giant Qatari LNG expansion.

QatarEnergy LNG, previously known as Qatargas, awarded more than $3 billion in contracts to Saipem in 2021 related to the North Field production sustainability offshore project.

In 2022, Saipem also won a contract worth about $4.5 billion from the unit of state-owned LNG giant QatarEnergy related to the North Field production sustainability offshore compression complexes project.

Last year, Saipem also won an FPU conversion contract from Eni as part of the latter’s Congo FLNG project.

Most Popular

Cheniere progresses commissioning of second Corpus Christi expansion train

US LNG exporting giant Cheniere is moving forward with commissioning activities at the second train of the Corpus Christi Stage 3 expansion project in Texas following the substantial completion of the first unit.

Mozambique approves Eni’s Coral Norte FLNG project

Italy's Eni has received approval from the government of Mozambique for its second FLNG project in Mozambique, Coral Norte (Coral North).

Freeport LNG to launch Noble gas project

Freeport LNG, the operator of the 15 mtpa liquefaction plant in Texas, has won an extension of time from the US FERC to construct and place into service its Noble gas project. The LNG terminal operator plans to launch the project this month.

More News Like This

Mozambique approves Eni’s Coral Norte FLNG project

Italy's Eni has received approval from the government of Mozambique for its second FLNG project in Mozambique, Coral Norte (Coral North).

Eni’s Mozambique FLNG ships 100th cargo

Eni’s 3.4 mtpa Coral Sul FLNG, located offshore Mozambique, has shipped its 100th cargo of liquefied natural gas (LNG) since 2022.

Adnoc’s XRG wraps up Mozambique deal

Adnoc's investment unit XRG has completed the purchase of Galp’s 10 percent interest in the Area 4 concession of the Rovuma basin in Mozambique, which includes Eni’s Coral South FLNG project.

Vitol to buy stake in Eni’s Congo LNG project

Geneva-based energy trader Vitol has agreed to buy a stake in Eni's Congo LNG project as part of a...