Saipem (Oil services)

Note: This is a daily stock update and the information stands true as of 12/12/24, 09:00 CET.

Company Update: Saipem won ￡650 million deals for the development of offshore facilities for Carbon capture of the East Coast Cluster in the UK: 1) UK’s Northern Endurance Partnership (NEP; JV between bp, Equinor and Total Energies), and 2) Net Zero Teesside Power (NZT: bp and Equinor) project.

This is one of Saipem's largest CCUS awards to date, complementing its offshore awards under the Long-Term Agreement (LTA) with Saudi Aramco. Low carbon projects (i.e. including carbon capture) usually deliver better returns than conventional oil and gas contracts.

Expert Opinion: This is good news for Saipem. Note that the technology used for the carbon capture part comes from Mitsubishi and Technip. Carbon capture is a key trend in the oil services sector. (AlphaValue latest Carbon capture presentation)

For the latest presentation we did on the subject, please let us know by contacting our sales if you want a call with our analysts on the matter.

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