Saipem in the spotlight following the sale of assets worth $285mln

(Il Sole 24 Ore Radiocor) - Saipem is under close scrutiny on the Milan Stock Exchange following the announcement of the sale of certain assets for $285 million.

The company has announced that it has entered into a binding sale and purchase agreement with Ades Saudi Limited Company, an indirect subsidiary of Ades Holding Company, for the sale of its entire stake in Saudi Arabian Saipem Limited, which operates in the field of offshore drilling in shallow waters. The consideration for the transaction amounts to US$285 million on a debt-free/cash-free basis and will be paid entirely in cash upon completion, which is expected in the third quarter of this year. The proceeds from the sale will be used in line with the objectives of the business plan, Saipem stated. In 2025, Saudi Arabian Saipem Limited recorded revenues of 636 million Saudi riyals, equivalent to approximately 170 million dollars. “The transaction,” the company explained further, “represents a further step in the implementation of Saipem’s strategy, aimed at focusing its portfolio on offshore drilling in deep waters and harsh environments.”

Saipem shares are also benefiting from rumours that the Brazilian competition authority, CADE, has given the green light to the merger with Subsea 7 without imposing any conditions, contrary to the demands of some competitors, including Petrobras, Exxon and TotalEnergies. “If confirmed, the news would clearly be positive,” commented analysts at Intermonte, who reiterated their “Outperform” recommendation on Saipem, with a target price of 5 euros.