Saipem

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Saipem S.p.A.
Type Società per azioni
Traded as BITSPM
Industry Oilfield services
Founded 1957
Headquarters Milan, Italy
Key people Umberto Vergine (CEO)
Marco Mangiagalli (Chairman)
Services Engineering and construction for offshore and onshore projects; drilling rig, drillship and FPSO operation
Revenue Decrease €12.256 billion (2013)[1]
Operating income Decrease €147 million (2013)[1]
Profit Decrease €-159 million (2013)[1]
Total assets Decrease €9.684 billion (end 2013)[1]
Total equity Decrease €4.744 billion (end 2013)[1]
Employees 47,474 (end 2013)[1]
Parent Eni
Website www.saipem.it
Saipem Scarabeo 7 semi-submersible drilling rig docked in Cape Town

Saipem S.p.A. is an Italian oil and gas industry contractor. It is a subsidiary of Italian energy company Eni, which owns approximately 43% of Saipem's shares. Saipem has contracted for designing and constructing several pipelines, including Blue Stream, Greenstream, Nord Stream and South Stream.

History[edit]

Saipem was originally founded in 1957 as a service provider for the Eni group. It was founded through the merger of Snam Montaggi and a drilling contractor SAIP. In 1960s it started providing services outside the Eni group, and in 1969 it started operating autonomously. While initially Saipem specialized on onshore pipelaying, plant construction and drilling, in the early 1960s it commenced also offshore operations. Offshore operations started in the Mediterranean and were expanded to the North Sea in 1972.[2]

Since 1984, Saipem is listed at the Milan Stock Exchange. In 2001, Saipem started a number of acquisitions, culminating in the acquisition of Bouygues Offshore s.a. in 2002. Responding to the recent industry trend towards large onshore EPC and EPCI projects, including those related to gas monetisation, exploitation of difficult oil (heavy oil, oil sands, etc.), and in order to strengthen its position in the Middle East and its national oil company client base, in 2006 Saipem has acquired and in 2008 has incorporated Snamprogetti.

In 2008, Saipem was included in Global 100 - Most Sustainable Corporations in the World.[3]

Saipem operates a unit in Nigeria. In 2010, Saipem agreed to pay a penalty of US$30 million to settle a Nigerian investigation into a bribery case involving the construction of Nigeria LNG facilities.[4] Saipem is also under trial in Italy over charges relating to the same case.[4]

Management[edit]

Chairman of the company is Marco Mangiagalli and CEO is Umberto Vergine.

See also[edit]

References[edit]

Essential bibliography[edit]

  • (en) Paul H. Frankel, Oil and Power Policy, New York - Washington, Praeger, 1966
  • (en) Marcello Boldrini, Mattei, Rome, Colombo, 1969
  • (it) Marcello Colitti, Energia e sviluppo in Italia, Bari, De Donato, 1979
  • (it) Nico Perrone, Enrico Mattei, Bologna, Il mulino, 2001 ISBN 88-15-07913-0

External links[edit]