Scotland and Mozambique Ballast Saipam, all details

Saipem Cdp

The new Sipem line, launched by Puliti, appointed by Eni to Cao de Facto, provides a return to the group’s historical activities and a break from new businesses (such as offshore wind) and risky contracts. all the details

In the reorganization of Sipem by Alessandro Puliti – the former Eni manager is now in charge of the new general management of the company, as desired by the two major shareholders (CDP and Eni, in fact). profit alert At the end of January – the focus will be on the historical activities of the group. That is to say, the services of engineering and the creation of energy infrastructure, primarily hydrocarbons, both on land and at sea.

This means that openings for some commercial areas such as offshore wind, which are designed to adapt SAPAM to the new context of ecological transition, will be reduced. So the company will focus on those low-risk, high-margin projects.

offshore wind power project in scotland

The goal is to break away from more problematic contracts such as Near Na Gaothe (NNG), a wind farm at sea in the east of Scotland, which French EDF co-owns, which would have caused losses of more than 500 million euros. Company of San Donato Milanese. ,

according to Estimate Officially, the energy capacity of the NNG (about 450 MW) allows it to supply electricity to 375,000 homes.

In particular, the contract Hope Engineering, procurement, construction and installation of 54 foundations for SAPAM (jacket) for two foundations of equal number of wind turbines (8 MW each) and for electrical substations. Jackets will be located at a depth of 40-60 meters. Saipem 7000 lifting vessel will be used.

LNG Project in Mozambique

Natural gas accounts for more than 80 percent of SAPAM’s portfolio, which includes liquefied gas (LNG) projects and treatment plants. Although it completely comes down to him core business, there is a contract on LNG that is particularly important to the company’s accounts: it is the LNG Mozambique project in Mozambique, carried out in conjunction with TotalEnergies. french company hopes To activate it again in 2022. The work, in fact, was suspended last year due to security threats posed by an Islamic group affiliated with the Islamic State, which operates in northern Mozambique: after the attack on the city of La Palma, the company forced all people to withdraw from the area. Ordered and declared force majeure on the project.

LNG Mozambique is valued at $20 billion and is expected to become operational in 2024, according to preliminary forecasts from Total Energy.

be different from drilling,

Feather sole 24 ore We read that Puliti’s line for Saipem is ultimately aimed at cost efficiency, and may envisage disinvestment – “if suitable conditions arise”, specifies the newspaper – assets related to hydrocarbon drilling (drilling,

next move

Yesterday Saipem received a fine of 192 million euros from Algeria – suspended, thanks to the company’s appeal – for alleged misconduct in connection with the award of a contract for the LNG3 Arzew project on liquefied gas. The project dates back to 2008, was developed by the Algerian state oil company Sonatracht and involved the construction by Saipam of a liquefaction “train”.

Saipam is discussing a financing plan with shareholders and creditor banks: it is estimated that the capital increase will be 1.5 billion euros.

On March 15 — and not February 24, as previously noted — it will forward a new strategic plan to the board of directors, updated regarding October 28, and present it to investors the next day. The guidelines for the scheme will be revealed next week.

On 5 April, the company matures the 500 million euro bond.

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