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.