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...]

Offshore Contractor Saipem to Cut 8,800 Staff After Unexpected Loss

By Marco Bertacche and Dan Liefgreen (Bloomberg) -- Saipem SpA, Italy’s biggest oil and gas contractor, will cut jobs and exit businesses as writedowns led to an unexpected loss and an earnings target reduction. The company, controlled by Italian oil producer Eni SpA, posted a second-quarter net loss of 997 million euros ($1.1 billion), after total writedowns of assets … [Read more...]