Italy’s Saipem to Consider Combining With Rival Subsea 7

By Ed Hammond, Daniele Lepido and Dinesh Nair (Bloomberg) --Saipem SpA is considering a combination with rival Subsea 7 SA in what could rank as one of the European oil services industry’s biggest-ever deals, people with knowledge of the matter said. The Italian company is pursuing a potential transaction with Norway-listed Subsea 7 as it seeks to bulk up and weather an … [Read more...]

Fourteen Injured in Explosion on Pipelayer in Caspian Sea

Offshore contractor Saipem has confirmed that 14 of its employees were injured in an explosion on board a pipelayer in the Caspian Sea on Wednesday. Saipem said the explosion occurred on the Saipem-operated vessel, Israfil Huseynov, which is conduction pipelaying in the Caspian Sea for the Shah Deniz II project. The comany said the incident was related to maintenance … [Read more...]

Saipem Said to Be in Talks to Sell Drilling Business

By Kelly Gilblom, Dinesh Nair and Chiara Albanese (Bloomberg) -- Italian oil field services firm Saipem SpA is in discussions to sell both its offshore and onshore drilling units in separate transactions that would slice off about a 10th of the company’s annual sales, according to people familiar with the matter. The ailing offshore division, which suffered a 24 percent … [Read more...]

Saipem Plans Renewables Push as Oil Clients Keep Lid on Spending

By Chiara Albanese (Bloomberg) -- Saipem SpA is looking beyond black gold, to green. The Italian oil-services provider, which builds projects for the fossil-fuel industry, says it may get more than half its work from clean-energy clients in a decade. That reflects a persistent lack of oil-company investment in the wake of crude’s crash, and a boom in renewables. “In 10 … [Read more...]

This Sanction-Proof Rig Beats U.S. Policy From Cuba to Russia

By Jack Farchy and Chiara Albanese (Bloomberg) -- The oil rig was built mostly in China and drilled its first well in Cuba. Now it’s delivering a victory for Russia in its fight against U.S. sanctions. Italian oil giant Eni SpA and Russia’s state-controlled Rosneft PJSC are using the Scarabeo 9 ultra-deepwater rig to drill in water more than 2,000 meters (6,600 … [Read more...]