Saipem celebrates its new contract in Saudi Arabia and the surge in orders for 2026
According to Intermonte analysts, ‘further opportunities in the coming years’
Laura Bonadies
Le ultime da Radiocor
Borsa: si prende una pausa in attesa Warsh, Milano (+0,3%) da record col risiko
Energia: Orsini, d'accordo con Filosa, e' sasso che pesa su competitivita'
***Mps: Meloni, contenta che da problema per l'Italia sia ora gioiello ambito
(Il Sole 24 Ore Radiocor) - Saipem is making good progress on the Milan Stock Exchange, after the company announced yesterday that it had been awarded a new onshore contract for the Uthmaniyah Gas Compression Plant project in Saudi Arabia. The contract, with a duration of approximately 42 months, was signed by Saipem Nasser Saeed Al Hajri Contracting Company, a joint venture owned by Saipem and Nasser Saeed Al Hajri and Partners Company for Contracting (NSH). The value of Saipem’s share of the contract is approximately €900 million. As Intermonte’s experts point out, the scope of work includes engineering, procurement and construction of a new compression plant to serve the Uthmaniyah non-associated gas field, with the aim of extending its productive life and supporting the country’s growing energy demand.
According to the broker, ‘the news is positive both in terms of the contract value and the strategic significance of the award’. This is, in fact, the first EPC project awarded under the National EPC Champion Programme, an initiative through which Saudi Arabia aims to develop a local supply chain for major energy projects. “The award,” continues Intermonte, “confirms Saipem’s strong position in the Kingdom and could lead to further opportunities in the coming years. From an economic perspective, we believe the contract’s margin could settle in the mid-single-digit range.” The brokers note that Saipem closed the first quarter with an order intake of €1.7 billion “and our estimate for 2026 is for total new orders of €15.7 billion”.
According to Banca Akros, ‘the new compression facility will help extend the field’s productive life, thereby supporting the Kingdom of Saudi Arabia’s growing energy demand’. Experts consider the contract to be “of significant size and confirms the company’s strong competitive position in the sector. We estimate that the year-to-date order intake, including this contract, amounts to approximately €3.6 billion, whilst the order backlog at the end of March stood at €29.6 billion”.
