Dear Shareholders,
during 2015 the price of oil, having begun a rapid descent in the latter part of the previous period ($50 a barrel), recovered up to the beginning of May ($70 a barrel) and then endured a further drastic fall at the end of the year to below $40 a barrel.
The causes of this phenomenon are attributable essentially to a change of energy market scenario with an oil supply greater than demand. The phenomenon began in the second half of 2014 with the decision of the OPEC countries not to react to this situation by reducing their own market share. The subsequent decrease in oil prices had a negative impact on oil company investments and those of producer countries who witnessed a significant fall-off in their earnings. In those months, the market, which is seeing the development of increasingly complex projects, has suffered the effects of the new scenario. The main consequences of this situation are the awarding of a limited number of projects and an increasingly rigid negotiating position adopted by clients in recognising change orders and claims which emerge during works execution.
This had an impact in terms of fewer acquisitions of new contracts in 2015 compared to 2014 (down 64%) with a particularly high weighting in Engineering & Construction.
This drastically deteriorated market context had additional effects in the competitive scenario in which Saipem operates, including:
- delays or cancellations of orders in progress, and a more rigid approach of clients during negotiations when dealing with
change orders and other changes occurring during project execution;
- an increase of credit risk in certain geographic areas;
- the need to review the operating strategy and to bring forward to the end of 2015 the drafting of a new strategic plan;
- the need to review the strategy of negotiations for pursuing settlements with clients in order to minimise potential legal
proceedings and seek an immediate financial benefit;
- the need to act quickly and decisively on the cost structure by launching programmes for optimising operating, overhead and
investment costs.
During 2015, Saipem faced a markedly deteriorated scenario by launching an important operating and investment cost optimisation programme, defining the guidelines of the ‘Fit for the Future’ project, implementing a revision of the items of the balance sheet that takes into account the new context, drafting a new strategic plan, defining a complex financial manoeuvre consisting of a capital increase of €3.5 billion and a refinancing of €3.2 billion needed to consolidate the Company’s equity situation and make it financially autonomous. This financial manoeuvre was concluded positively in the first quarter of 2016.
Saipem’s operating profit was therefore supported by optimisation actions, such as limiting its presence in certain countries, rationalising engineering and construction capacity, reducing overheads and disposing of obsolete and unprofitable vessels. Taken together, these actions had a positive impact on EBIT in the amount of €150 million.
The year’s key figures were:
- adjusted EBIT of -€254 million, which includes a reduction of €718 million through the write-downs in the second quarter of 2015 of contractual variations and claims subject to negotiation regarding contracts awarded over the last few years and the write-down of receivables in Venezuela;
- EBIT of -€452 million, including the write-down of certain assets and two construction yards;
- capital expenditure amounting to €561 million;
- net borrowings amounting to €5,390 million;
- acquisition of new orders in the amount of €6,515 million and a residual portfolio of orders amounting to €15,846 million, affected by the cancellation of the remaining orders of the South Stream contract and the charter agreements of the Scarabeo 5 and Saipem 12000 vessels.
In Offshore Engineering & Construction revenues were down by 4%, with the lower volumes recorded in North and South America offset partly by the greater volumes in Azerbaijan and Kazakhstan. The adjusted operating result (EBIT) amounted to €192 million, a significant worsening if compared with the figure of €435 million of 2014. This was due mainly to the cancellation of the South Stream project and the lower profitability of projects in South America. The 2015 operating result (EBIT) was €54 million following the write-down of some fleet assets and a construction yard for a total of €138 million.
Onshore Engineering & Construction saw revenues down by 26%, primarily through the effect of the write-down of contractual variations and claims under negotiation in relation to various contracts of lower volumes in North America, Australia and Western Africa. Adjusted operating result (EBIT) amounted to a loss of €693 million (compared with the figure of -€411 million in 2014). However, the year saw a recovery of margins in the second quarter thanks to a positive contribution from new projects which allowed the Company to break even. 2015 operating (EBIT) amounted to a loss of €742 million, affected by the €49 million write-down of a construction yard.
Drilling operations contributed positively, with an adjusted operating result (EBIT) of €247 million, down from the €441 million recorded in 2014, primarily through the effect of the decreased contribution of the semi-submersible platforms Scarabeo 3 and Scarabeo 4 (Offshore Drilling), which had operated for the whole of 2014, and through the effect of the write-down of a proportion of overdue receivables following the greater country risk of Venezuela, and the costs of the inactivity of vessels in South America during the second part of the year.
The operating result (EBIT) amounted to €236 million, including the write-down of the semi-submersible rig Scarabeo 4, sold for scrapping.
In 2015, there were two fatal accidents in Saudi Arabia. In-depth investigations were carried out into these events. The causes were identified and corrective actions are currently being implemented. The LTIFR (Lost Time Injury Frequency Rate) stood at 0.31, slightly up compared to 2014 (0.28), but in reality confirming a multi-annual trend of performance improvement. Attention to health and safety is at all times at the highest levels and awareness raising and training programmes, as well as risk analysis and implementation of prevention and protection measures, have been adopted on all main sites, yards and vessels where Saipem operates.
Capital expenditure in 2015 was €561 million. The primary activities related to the maintenance of the asset base comprising the fleet of vessels for Offshore Engineering & Construction, the class reinstatement of the drillships Saipem 10000, Saipem 12000, Perro Negro 2 and Perro Negro 8, as well as the improvements to and modifications of other onshore drilling rigs destined to operate in Saudi Arabia.
As anticipated, the capital increase of approximately €3.5 billion and the refinancing of the residual debt of €3.2 billion were initiated in the fourth quarter of 2015, and will be completed in the early months of 2016, in order to reinforce the Company’s equity structure. Thanks to a solid financial structure, an efficient operating model, and our distinctive expertise, Saipem is now in a strong position to improve profitability, generate cash flow and create value for its shareholders. Contemporaneous with this operation, Eni SpA sold a holding amounting to 12.5% of the share capital of Saipem to Fondo Strategico Italiano SpA; Eni SpA and Fondo Strategico Italiano SpA have stated that the assets related to the governance agreed upon in the inter-company agreement and underwritten by them in relation to the shareholding in Saipem SpA, are directed towards realising joint control over Saipem by Eni SpA and Fondo Strategico Italiano SpA.
Consequently, from January 22, 2016, Saipem is no longer under the direction and coordination of Eni SpA.
In 2016, in a market context showing no signs of recovery, Saipem envisages revenues in excess of €11 billion, a forecast that takes account of the visibility of the activities of the existing portfolio of orders. EBIT is forecast to be in excess of €600 million; net profit is expected at around €300 million. Capital expenditure will amount to €500 million, below the final figure for 2015, thanks to the adoption of measures for optimising and improving efficiency and for reducing net indebtedness, predicted to fall to €1.5 billion at year end 2016.
March 16, 2016
for the Board of Directors
The Chairman
Paolo Andrea Colombo
The Chief Executive Officer (CEO)
Stefano Cao
We approach each challenge with innovative, reliable and secure solutions to meet the needs of our clients. Through multicultural working groups we are able to provide sustainable development for our company and for the communities in which we operate.
Saipem Group - New contracts awarded during the year ended December 31 | 2014 | 2015 | ||
---|---|---|---|---|
(Euro million) | Amount | % | Amount | % |
Saipem SpA | 5,729 | 32 | 2,243 | 34 |
Group companies | 12,242 | 68 | 4,272 | 66 |
Total | 17,971 | 100 | 6,515 | 100 |
Offshore Engineering & Construction | 10,043 | 56 | 4,479 | 69 |
Onshore Engineering & Construction | 6,354 | 36 | 1,386 | 21 |
Offshore Drilling | 722 | 4 | 234 | 4 |
Onshore Drilling | 852 | 4 | 416 | 6 |
Total | 17,971 | 100 | 6,515 | 100 |
Italy | 529 | 3 | 279 | 4 |
Outside Italy | 17,442 | 97 | 6,236 | 96 |
Total | 17,971 | 100 | 6,515 | 100 |
Eni Group | 1,434 | 8 | 507 | 8 |
Third parties | 16,537 | 92 | 6,008 | 92 |
Total | 17,971 | 100 | 6,515 | 100 |
(€6,515 million)
Saipem Group - Backlog as at December 31 | 2014 | 2015 | ||
---|---|---|---|---|
(Euro million) | Amount | % | Amount | % |
Saipem SpA | 7,167 | 32 | 5,386 | 34 |
Group companies | 14,980 | 68 | 10,460 | 66 |
Total | 22,147 | 100 | 15,846 | 100 |
Offshore Engineering & Construction | 11,161 | 51 | 7,518 | 47 |
Onshore Engineering & Construction | 6,703 | 30 | 5,301 | 34 |
Offshore Drilling | 2,920 | 13 | 2,010 | 13 |
Onshore Drilling | 1,363 | 6 | 1,017 | 6 |
Total | 22,147 | 100 | 15,846 | 100 |
Italy | 689 | 3 | 496 | 3 |
Outside Italy | 21,458 | 97 | 15,350 | 97 |
Total | 22,147 | 100 | 15,846 | 100 |
Eni Group | 2,458 | 11 | 1,736 | 11 |
Third parties | 19,689 | 89 | 14,110 | 89 |
Total | 22,147 | 100 | 15,846 | 100 |
(€15,846 million)
Capital expenditure | 2014 | 2015 | |
---|---|---|---|
(Euro million) | |||
Saipem SpA | 117 | 102 | |
Group companies | 577 | 459 | |
Total | 694 | 561 | |
Offshore Engineering & Construction | 260 | 168 | |
Onshore Engineering & Construction | 55 | 36 | |
Offshore Drilling | 180 | 247 | |
Onshore Drilling | 199 | 110 | |
Total | 694 | 561 |
% total revenues
60%
Offshore Engineering
& Constuction
Economic highlights (Euro million)
6,890
Net sales from operations
(6,401)
Cost of sales
489
Gross operating result (EBITDA)
(297)
Depreciation, amortisation and impairment
192
Adjusted operating result (EBIT)
(138)
Impairment
54
Operating result (EBIT)
% total revenues
24%
Onshore Engineering
& Constuction
Economic highlights (Euro million)
2,788
Net sales from operations
(3,442)
Cost of sales
654
Gross operating result (EBITDA)
(39)
Depreciation, amortisation and impairment
693
Adjusted operating result (EBIT)
(49)
Impairment
742
Operating result (EBIT)
% total revenues
9%
Offshore Drilling
2015 in numbers
79
Wells
145,199
Meters Drilled
Economic highlights (Euro million)
1,067
Net sales from operations
(531)
Cost of sales
536
Gross operating result (EBITDA)
(241)
Depreciation, amortisation and impairment
295
Adjusted operating result (EBIT)
(11)
Impairment
284
Operating result (EBIT)
% total revenues
7%
Onshore Drilling
2015 in numbers
330
Wells
807,531
Meters Drilled
Economic highlights (Euro million)
762
Net sales from operations
(625)
Cost of sales
137
Gross operating result (EBITDA)
(185)
Depreciation, amortisation and impairment
48
Adjusted operating result (EBIT)
The clients provided their feedback through the Customer Satisfaction questionnaires (91), also expressing their opinion on the methods used by Saipem in its management of local stakeholders and the value generated in the area.
In addition, the questionnaire for the assessment of materiality was used to indicate their expectations from a contractor like Saipem. A number of very interesting issues linked to operating efficiency and the protection of health and safety, promotion of Local Content and community relations, arose from the study.
This year, the Company obtained direct feedback through the Engagement Survey regarding the expectations and level of satisfaction of its own employees.
The majority of employees show strong attention to sustainability themes and recognise their importance in Saipem’s economic performance and future strategy. Safety, People Management and Technology Innovation were the most important issues.
The suppliers involved in the training sessions provided highly positive feedback on the activities organised.
The six Italian suppliers interviewed described Saipem as an important partner with which they had been able to grow, participate in challenging projects and cooperate for many years with satisfaction. The results of Saipem’s Materiality Assessment highlighted the attention of the suppliers to issues of development of personnel and protection of their safety, security of assets and business ethics.
Observance of local laws and cooperation are priority requirements for the local authorities and governments.
The opportunity to cooperate proactively on matters that are important for the country is always considered constructive and beneficial to both parties.
Non-governmental organisations can express interest in one or more specific topics on which they focus their attention and mission.
In general, the issues that appeared most important to these stakeholders concerned education, environmental protection and biodiversity, and respect for Human Rights with particular attention to the subject of diversity.
Generally speaking, the possibility of cooperating directly with Saipem on issues of interest is considered positive and advantageous.
Feedback obtained from the local communities is monitored as described in the Stakeholder Engagement process. In some countries, such as Nigeria and Azerbaijan, the Company has also implemented grievance monitoring systems.
Representatives of the local communities have used Saipem’s Materiality Assessment questionnaire to express their opinions about how Saipem operates and what their priorities are.
The financial stakeholders are very interested in the Company’s management practices, particularly in corporate governance and the system of internal control. Another topic considered highly significant concerns the management of human resources. The stakeholders who responded to the questionnaire assessing materiality issues said that sustainability is already, or will soon become, a factor affecting investment decisions. Investors showed interest in Saipem’s approach to climate change. Indeed they renewed the invitation to Saipem to participate in the Carbon Disclosure Project (CDP) 2016.
A strong and focused materiality assessment is the cornerstone of a sustainability strategy that is consistent with the core business, meets stakeholder expectations, and produces high-impact results for us and for society.
Framing
Prioritisation
Validation
Material issues
Sustainability plan
Anti-corruption
and ethical
business practices
Transparency
Ethical
supply chain
Labour rights
Safety
Safe operations,
asset integrity and
process safety
Spill prevention
and response
Technological
innovation andbusiness flexibility
Training and
development
Local social
licence to operate
Local employment
Local procurement
Anti-corruption
and ethical
business practices
Transparency
Ethical
supply chain
Labour rights
Safety
Safe operations,
asset integrity and
process safety
Spill prevention
and response
Technological
innovation andbusiness flexibility
Training and
development
Local social
licence to operate
Local employment
Local procurement
Anti-corruption
and ethical
business practices:
run operations respecting ethical business best practices. Promote employee awareness of anti-corruption.
Transparency:
provide complete information that meets stakeholder expectations and current regulations.
Ethical
supply chain:
engage supply chain on business ethics aspects.
Labour rights:
respect international best practices on labour rights and monitor the effective compliance.
Safety:
reinforce safety processes and people competencies, including those of vendors and subcontractors.
Safe operations,
asset integrity and
process safety:
run safe operations for people and the environment and ensure integrity of assets.
Spill prevention
and response:
reduce the frequency and the volume of spills, and improve spill response measures and systems.
Technological
innovation andbusiness flexibility:
align Saipem’s technologies to business needs and the market scenario.
Training and
development:
bring resources’ skills in line with business needs.
Local social
licence to operate:
further integrate the Company with the local context through the active engagement of local stakeholders.
Local employment:
attract and develop local skills.
Local procurement:
increase the quality and the volume of local goods and services in strategic areas.
Anti-corruption
and ethical
business practices:
run operations respecting ethical business best practices. Promote employee awareness of anti-corruption.
Transparency:
provide complete information that meets stakeholder expectations and current regulations.
Ethical
supply chain:
engage supply chain on business ethics aspects.
Labour rights:
respect international best practices on labour rights and monitor the effective compliance.
Safety:
reinforce safety processes and people competencies, including those of vendors and subcontractors.
Safe operations,
asset integrity and
process safety:
run safe operations for people and the environment and ensure integrity of assets.
Spill prevention
and response:
reduce the frequency and the volume of spills, and improve spill response measures and systems.
Technological
innovation andbusiness flexibility:
align Saipem’s technologies to business needs and the market scenario.
Training and
development:
bring resources’ skills in line with business needs.
Local social
licence to operate:
further integrate the Company with the local context through the active engagement of local stakeholders.
Local employment:
attract and develop local skills.
Local procurement:
increase the quality and the volume of local goods and services in strategic areas.
Business Ethics
We have been active for several years now in fostering integrity in our business model. This commitment, in line with the standards of international best practices and well-suited to the complexity of our company’s structure, takes different forms and is addressed both to Saipem management, employees and supply chain.
Fighting corruption
Social responsibility in the supply chain
Safety
Being a global leader carries with it the duty to operate responsibly towards a number of stakeholders and towards society: the safety of our people, of local communities and of partners is a top priority for us. The explicit and clear commitment of our Company towards environmental and social sustainability has historically been an integral and important element of our business model.
Safety performance
Spreading HSE culture
The LiHS programme, the leadership development and cultural change programme developed by Saipem, has fostered a strong organisational safety culture by disseminating safe behaviours throughout the organisation since 2007.
Creating value through safety
During 2015, we proceeded with the ‘We Want Zero’ initiative with the aim of achieving the goal of zero accidents in the workplace and answering the question ‘What extra effort is required to achieve zero?’.
Safe and reliable operations
The pursuit of integrity in operations, meaning safeguarding people, partners, Company assets and the environment during the performance of our activities, is a top priority and a shared value among our people. We adopt and implement international principles and best practices to ensure safe and reliable operations.
Spill prevention
We adopt a pollution prevention approach as a guiding principle for all of our activities, using our best efforts to prevent and take all reasonable precautions to avoid pollution or contamination of the land, air or water.
Managing Human Factors
Significant improvement in safety performance could be achieved by taking better and more explicit account of the human factors discipline, considering the way people interact with every aspect of the workplace while also taking the personnel culture and local environment into consideration. Human Factors Engineering (HFE) focuses on the application of human factors knowledge for the design and construction of socio-technical systems, to ensure that systems optimise human contributions to production and minimise the potential for design-induced risks to health, personnel or process safety. We have developed specific processes and methodologies to control human factors engineering related risks.
Excellence
Innovation is one of the main pillars for meeting the competitive challenge. Capacity to innovate is in our DNA and is a key component of value generation.Read more...
Our in-house innovations brought and are still bringing significant added value to our current and future projects. The most recent innovations include: new and faster pipeline welding technologies, innovative laying and trenching technologies, innovative solutions for subsea field exploitation, innovative FLNG offloading systems, new drilling techniques for ultra-deepwater operations, innovative rigs for harsh/arctic operations; advanced solutions in the flagship urea synthesis process technology; worldwide recognised know-how and technological capability in very complex technologies.
Show less
Main fleet vessel innovations
Normand Maximus is a new, top-class, offshore construction vessel.
This DP class 3 vessel is the result of an innovative design philosophy that couples SURF installation capabilities with ultra-deepwater field development activities. The vessels received the Clean Design Class Notation, achieving a 95% NOx emission reduction.
Saipem’s E&C flagship
We possess a strong, technologically advanced and highly versatile fleet, as well as world class engineering and project management expertise. These unique capabilities and competencies, together with a long-standing presence in strategic frontier markets, represent an industrial model that is particularly well suited to EPCI projects.
Discover more on Saipem’s main vessels
Saipem’s drilling flagship
At year-end 2015, our offshore drilling fleet consisted of 15 vessels: 7 deepwater units for operations at depths exceeding 1,000 metres (the drillships Saipem 10000 and Saipem 12000 and the semi-submersible drilling rigs Scarabeo 5, Scarabeo 6, Scarabeo 7, Scarabeo 8 and Scarabeo 9), 1 for mid water operations at depths of up to 500 metres (the semi-submersible Scarabeo 3), two high specification jack-ups for operations at depths of up to 375 feet/114 metres (Perro Negro 7 and Perro Negro 8), 4 standard jack-ups for activities at depths up to 300 feet/91 metres (Perro Negro 2, Perro Negro 3, Perro Negro 4 and Perro Negro 5) and one barge tender rig (TAD).
Discover more on Saipem’s main vessels
Technology for the SURF market
Competent workforce
Within our commitment to having a competent workforce, the goal of the K-Factor project is to improve our Company’s ability to map, develop and monitor skills considered critical for ensuring the reliable development of operations.
Summary view of the population involved in the K-Factor
Local Presence
As an international company working in several countries all over the world, we are aware of the need for an effective Local Content strategy through employment and selection of vendors, and constructive interactions with local stakeholders to sustain their socio-economic development, to ensure the successful execution of projects and the long-term perspective of our business.
MODEL TO QUANTIFY OUR CONTRIBUTE TO SOCIO-ECONOMIC DEVELOPMENT IN HOSTING AREAS.
The ‘Human Capital Development’ model measures the direct economic effect of training (calculated as the costs of training in the country), the indirect effect (the increased lifetime earning expectancy associated with training), and the induced effect (calculated as the overall effect in the country of the increased earning expectancies, household consumption and taxes).
The results (click on the button below) show that in a country like Angola, each dollar invested by Saipem to train local employees has generated an additional 1.80 dollars in the Angolan economy. Similar ‘multiplier effects’ have been obtained for France, Brazil and Saudi Arabia, while for a country like Indonesia each dollar invested has generated an additional 13.70 dollars in the local economy, resulting in a total impact of 15 million USD spread over 5 years.
Similarly, the value generated in the local economy by Saipem’s activities and operations is calculated by considering the multiplier effect of each dollar introduced into the economy by Saipem through local spending, local wages and taxes paid.
In a country like Canada, each Canadian dollar introduced into the economy by Saipem has a total multiplier effect of 2.02, meaning that it has generated an additional 1.02 Canadian dollars (2011-2014). For Australia and France, the multiplier effect is between 2.10 and 1.90, respectively. Countries with less structured industrial contexts show a more reduced but nevertheless significant impact, with multipliers of 1.20 for Saudi Arabia, 1.33 for Kazakhstan and 1.32 for Angola.
Strengthening the competitive context in key regions where we operate is a way of contributing to the country’s growth, as well as to our effectiveness and productivity.
See the results
Our business presence
Our local presence
Saipem’s employees
of which are local
of managers are local
SAIPEM PRESENCE:
SAIPEM’S ACTIVITIES:
BUSINESS OUTLOOK:
The offshore basins in Brazil have a very high potential. Future opportunities will come also and mainly from further developments in the pre-salt area.
ON-THE-GROUND PRESENCE:
people employed by Petrex
of which are local
of Petrex managers are local
SAIPEM PRESENCE:
SAIPEM’S ACTIVITIES:
BUSINESS OUTLOOK:
Looking to the near future, opportunities may arise, particularly in the onshore downstream business (refining segment).
ON-THE-GROUND PRESENCE:
Total number of employees in italy
Total italian employees
Percentage of female employees
SAIPEM PRESENCE:
Saipem (Società Azionaria Italiana Perforazioni E Montaggi) SpA is an Italian company that was founded in the 1950s. During the 1950s and 1960s, the Company acquired expertise in the onshore pipeline sector, construction of offshore and onshore rigs, and drilling. It initially operated as a division of Eni, before becoming an independent company in 1969.
SAIPEM’S ACTIVITIES:
ON-THE-GROUND PRESENCE:
of Saipem’s employees are local
of managers are local
of goods and services ordered locally
SAIPEM PRESENCE:
SAIPEM’S ACTIVITIES:
BUSINESS OUTLOOK:
Nigeria is an important market for us. We are working on the promotion and development of Local Content with long-term investments, partnerships with local companies and maximisation of value in terms of local employment and procurement of material and services for projects executed in the country.
ON-THE-GROUND PRESENCE:
Saipem’s employees
people hired through employment agencies
of people working for Saipem are local
SAIPEM PRESENCE:
SAIPEM’S ACTIVITIES:
BUSINESS OUTLOOK:
We are well equipped to compete in this country, in particular in the offshore and deepwater fields.
ON-THE-GROUND PRESENCE:
Saipem’s employees
of which are local
of managers are local
SAIPEM PRESENCE:
SAIPEM’S ACTIVITIES:
BUSINESS OUTLOOK:
Numerous commercial opportunities, in particular in the offshore market.
ON-THE-GROUND PRESENCE:
Saipem’s employees
of which are local
of goods and services ordered locally
SAIPEM PRESENCE:
SAIPEM’S ACTIVITIES:
BUSINESS OUTLOOK:
Particular focus will be placed on the Downstream & Power Generation field. Azerbaijan is looking to diversify its natural resource-dependent economy. In the meanwhile, the country is moving forward with ambitious downstream projects, most notably in petrochemicals.
ON-THE-GROUND PRESENCE:
Saipem’s employees
of which are local
framework agreements signed
SAIPEM PRESENCE:
SAIPEM’S ACTIVITIES:
BUSINESS OUTLOOK:
Thanks to our specific experience in Kazakhstan in offshore and onshore activities, and based on our competitive advantages due to the Local Content strategies, we are in a position to manage future business opportunities in the country.
ON-THE-GROUND PRESENCE:
Saipem’s employees
of which are local
of goods and services ordered locally
SAIPEM PRESENCE:
SAIPEM’S ACTIVITIES:
BUSINESS OUTLOOK:
We are currently exploring all available opportunities for 2016, focusing our main efforts on tenders related to gas field development. Other opportunities can be found in gas monetisation. In the offshore business, the area of the Abadi Field constitutes an opportunity for the development of FLNG and subsea projects.
ON-THE-GROUND PRESENCE:
Saipem’s employees
of which are local
framework agreements signed
SAIPEM PRESENCE:
SAIPEM’S ACTIVITIES:
BUSINESS OUTLOOK:
The abundance of reserves and a growth in oil consumption that is below expectations mainly support the downstream segment, especially in Saudi Arabia and in Iran. Oman and Qatar plan to invest in the infrastructure in which we have significant experience. Qatar will also invest in offshore gas production systems, as well as in the downstream field where we have an excellent track record.
ON-THE-GROUND PRESENCE: