UPDATE 1-Saipem CEO says Saudi contracts part of natural gas shift [Reuters]
SAIPEM SPA UNSP/ADR (SAPMY)
NASDAQ:AMEX Investor Relations:
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Source: Reuters
UPDATE 1-Saipem CEO says Saudi contracts part of natural gas shift - Reuters 2 Min Read (Adds more Cao quotes) MILAN, July 10 (Reuters) - Two contracts signed in Saudi Arabia for $3.5 billion by Italy’s oil contractor Saipem are part of a shift in the company’s strategy to focus more on natural gas, Chief Executive Stefano Cao said on Wednesday. Saipem said on Tuesday it won two new contracts from Saudi Aramco for the development of land facilities of the Berri and Marjan gas fields, which are both located in the Arabian Gulf. The gas contracts announced on Tuesday “confirm that this is the fundamental strategy for our company,” Cao said. Saipem shares rose 2.9% in Milan on Wednesday, outperforming a 0.8% rise in Italy’s blue-chip index. “The news is very positive and improves the visibility of our estimates on 2020-2022, in particular for the E&C (Exploration and Construction) onshore division”, broker Equita said. Cao met in Milan on Wednesday with Filipe Nyusi, the president of the
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