Saipem up, analysts positive on deal with Eni
The Alessandro Puliti-led group signed a 520 million over three years deal with the Six-legged Dog for a carbon capture and storage project in the UK
2' min read
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
2' min read
(Il Sole 24 Ore Radiocor) - In a session of general uptrends for Piazza Affari (FTSE MIB ), it is proceeding at a good pace Saipem in the wake of the 520 million over three years deal signed with Eni for carbon capture and storage in the UK. This is 'positive news' because 'with the award of this contract, Saipem will contribute to one of the most advanced carbon capture and storage projects in the UK, confirming its position along the entire CO2 value chain', Intermonte analysts point out. Furthermore, the project, as the company explained, 'will generate positive employment benefits, with over a thousand local resources committed during the construction period, and will ensure the reduction of emissions from industries in the North West of England and North Wales'.
The Liverpool Bay CCS project will serve the HyNet industrial cluster, located in one of the UK's most energy-intensive industrial districts. Saipem will convert a conventional gas compression and processing plant at Point of Ayr, North Wales, into an electric Co2 compressor station that will enable the permanent storage of Co2 in depleted offshore reservoirs in Liverpool Bay. According to Equita analysts, "the news has positive implications for the stock", given that the contract, the second in CCS this year after the one in Sweden, represents4% of Saipem's estimated order intake over 2025. "Being an onshore contract, we believe that it can have a marginality at least equal to Msd," the experts point out, recalling that in the latest business plan Saipem has indicated that it wants to focus its onshore business activity in the projects with greater added value such as those on decarbonisation (CCS, biofuels), fertilisers (blue and green), Lng (selectively) in addition to the expansion of the share of Operations & Maintenance activities that "offer visibility and recurring turnover".
Saipem's share price is therefore continuing on the positive path taken last week following better-than-expected first quarter accounts, with a b>bounce in profit to €77 million (+35%) and the order book already at €33 billion. Citi analysts had pointed out that the numbers 'exceeded expectations, with new offshore awards indicating continued expansion in this higher margin sector'.
