New CEO takes helm at Italy’s Saipem

Francesco Caio has started his role as chief executive officer and general manager of Italian energy and LNG contractor Saipem.

Caio suceeds Stefano Cao who served as CEO of Saipem for six years.

The new CEO previously worked as chairman of Saipem’s board from 2018.

Saipem’s board appointed Caio to the new role during the company’s annual general shareholders meeting held on April 30 in San Donato Milanese.

Caio has “considerable experience” in Italy and abroad as chief executive officer of multinational companies, both public and private, operating in the industrial sector, in advanced technology, finance and telecommunications, the contractor said.

Saipem has this year won more than $3 billion in contracts from Qatargas for work related to the giant Qatari LNG expansion project.

The firm also recently said it was not in a position to evaluate impacts on its financials for the year due to the uncertainty related to Total’s $20 billion Mozambique LNG project.

Total has declared force majeure on the project where the main EPC contractor is CCS JV, a venture between Saipem, McDermott, and Chiyoda.

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