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...]

Saipem Gets Green Light for South Stream Pipelay Project

Saipem has just been given the go-ahead by South Stream Transport BV to commence construction of a multi-billion dollar 931 kilometer subsea gas pipeline that will connect Russia to Europe through the Black Sea. Water depths for this pipeline will reach up to 2200 meters. South Stream Transport B.V. is wholly-owned by Gazprom. Russian natural gas also flows via a … [Read more...]

Saipem’s Giant Pipelay Ship Castorone Starts Work Off Darwin

Saipem’s deepwater pipelay installation vessel Castorone commenced laying the remaining 718 kilometer section of 42-inch pipe last week, according to INPEX, the Japanese exploration and production company.  This subsea pipeline, which will measure 889 kilometers long once fully installed at the end of this year, will support gas export from the Ichthys LNG Project and will be … [Read more...]