UPDATE 1-Saipem draws up short list of partners for drilling business [Reuters (UK)]
SAIPEM SPA UNSP/ADR (SAPMY)
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Source: Reuters
Saipem draws up short list of partners for drilling business - Reuters 3 Min Read MILAN (Reuters) - Italian oil services group Saipem ( SPMI.MI ) has drawn up a short list of potential partners for its drilling business as it casts around for joint venture deals to help revive growth. Saipem, controlled by state lender CDP and oil major Eni ( ENI.MI ), makes most of its revenues from its core engineering and construction (E&C) unit but wants to keep exposure to drilling to capture the recovery it believes is round the corner. Chief Executive Stefano Cao said on Thursday the group had spent a lot of time assessing potential equity investors for its drilling operations. “The process is continuing ... there is now a very limited number of opportunities we believe deserve time and attention,” Cao said in a conference call on second quarter results. Sources said earlier this year Saipem was trying to lure big U.S. rivals into joint ventures but had not clinched any deals yet for drilli
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