Saipem

Saipem S.p.A. (Società Azionaria Italiana Perforazioni E Montaggi lit. Drilling and Assembly
Italian Public Limited Company) is an Italian multinational oilfield services company and one
of the largest in the world. Until 2016 it was a subsidiary of Italian oil and gas supermajor Eni,
which retains approximately 30% of Saipem's shares.[2]
 Saipem S.p.A.

Company type Società per Azioni

BIT: SPM (https://www.borsaital
iana.it/borsa/azioni/scheda/IT0
Traded as
000068525.html?lang=en)
FTSE MIB Component
Industry Oilfield services
Founded 1957
Founder Enrico Mattei
Headquarters Milano, Italy
Puliti Alessandro (CEO)
Key people
Silvia Merlo (Chairman)
Engineering and construction
for offshore and onshore
Services
projects; drilling rig, drillship and
FPSO operation
Revenue €8.526 billion (2018)[1]
Operating
€37 million (2018)[1]
income
 Net income €-497 million (2018)[1]
Total assets €5.028 billion (2018)[1]
Total equity €3.962 billion (2018)[1]
Number of
32,000 (2018)[1]
employees
www.saipem.com (http://www.s
Website
aipem.com/)

History

Early history

Oil drilling platform off the coast of

Sicily, 1962.
 The semi-submersible pipe-laying
vessel Castoro Sei operating for Nord
Stream in the Baltic Sea south-east of
Gotland, Sweden in late March 2011.

Scarabeo 8 in Norway, 2012.

The history of Saipem is deeply connected to Enrico Mattei's management era of Eni during
the years of the Italian economic miracle. In the early 1950s Mattei had reorganized the
Italian oil industry through a complex system of outright acquisitions and government
investments, in order to guarantee Italy's self-reliance in energy.[3]

At first, Mattei focused on natural gas, the only abundant source of energy available in
mainland Italy, through Snam, a newly formed gas pipelines company. In the late 1950s, Eni's
subsidiary Snam came to head two sub-holdings: Snam Montaggi, created in 1955 to build
pipelines and drilling platforms, and Snam Progetti, created in 1956, specializing in tankers. In
1957 drilling company Saip, a subsidiary of Agip (Eni's fuel retailer), was merged with Snam
Montaggi to create Saipem.[4]

Saipem was a pioneer in offshore drilling and pipelines construction in Europe; in 1959 it
started drilling oil off the coast of Gela,[5] in Sicily and in the early 1960s initiated the Central
European Line pipeline, running from the port of Genoa to West Germany, where Eni
Deutschland subsidiary was building refineries in Ingolstadt.[6] In addition, in 1961 Saipem
built a 1,140 km long oil pipeline in India and a gas pipeline in Iraq.[7]
1970s-1990s
In 1978, Saipem laid down Castoro Sei, a column stabilized semi-submersible pipelay vessel.
In the same year Sapiem was commissioned the construction of IGAT-2 pipeline in Iran.
About 80 per cent of the line had been completed by 1985, when the works had to be halted
because of the Iran-Iraq war.[8]

In 1983, Saipem completed the construction of the massive Trans-Mediterranean Pipeline,

linking Algeria to Italy.[9]

In 1988, a joint venture between Saipem and Brown & Root was formed, known as European
Marine Contractors, that realized two major projects: Zeepipe, completed in 1993, a 1,416 km
natural gas transportation system to transport North Sea natural gas to the receiving terminal
at Zeebrugge in Belgium; and a 707 km trunkline connecting Hong Kong with Yancheng 13-1
gasfield, located in the Yinggehai Basin, completed in 1994.[10]

In 199,1 Saipem started operating Saipem 7000, the world's second biggest crane vessel.[11]

In 1996, the Maghreb–Europe Gas Pipeline linked Algerian gasfields to Spain.

In 1995-1999, Saipem was the main contractor for the construction of Europipe I and
Europipe II natural gas pipelines, connecting Norway to Germany.

21st century
In the 21st century, Saipem carried on a number of acquisitions, culminating in the purchase
of Bouygues Offshore for $1 billion in 2002.[12] In 2006 Saipem merged with Snamprogetti, a
subsidiary of Eni specializing in the design and execution of large scale offshore projects for
the production and transportation of hydrocarbons. Through the merger, the new group
strengthened its position in West Africa, Middle East, Central Asia, and South East Asia and
acquired significant technological competence in gas monetization and heavy oil
exploitation.[13]

In 2001-2003, Saipem built the offshore section of Blue Stream, a major trans-Black Sea gas
pipeline that carries natural gas from Russia into Turkey.
In 2003-2004, Saipem built the Greenstream pipeline, connecting Libya to Sicily.

In 2006, Saipem completed the sealines of the Dolphin Gas Project, connecting Qatar's North
Field to the United Arab Emirates and Oman.

In 2006-2008, Saipem laid down Scarabeo 8 and Scarabeo 9 ultra deepwater 6th generation
semi-submersible drilling rigs, completed in 2011–12.

In 2011, Saipem completed the two 1,220 km gas sealines of Nord Stream 1, a system of
offshore natural gas pipelines from Russia to Germany and the longest in the world.

In 2013, Saipem was awarded a $3 billion contract for the development of the Egina oil field,
located approximately 150 km off the coast of Nigeria in the Gulf of Guinea; the contract
included engineering, procurement, fabrication, installation and pre-commissioning of 52 km
of oil production and water injection flow lines, 12 flexible jumpers, 20 km of gas export
pipelines, 80 km of umbilicals, and of the mooring and offloading systems.[14]

On 8 February 2015, Saipem won a $1.8 billion contract to build two 95 km pipelines at the
Kashagan field, linking the oil fields in the Caspian Sea to the mainland in Kazakhstan.[15] In
November of the same year Saipem completed the pipelay on the 890 km gas export
offshore pipeline for the Inpex-led Ichthys LNG project in Australia, what is said was the
longest subsea pipeline in the southern hemisphere and the third longest in the world.[16]

In 2016, Eni sold a 12.5% stake in Saipem (retaining a 30% share though), that was acquired
by CDP Equity, and subsequently allowed Saipem to scrap the old Eni logo and design its
own, with the objective of creating a new, more autonomous company focusing on oilfield
services.[17]

In 2019, Saipem entered the airborne wind energy or energy kite systems industry via an
agreement with KiteGen.[18][19]

Controversies
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.[20] Saipem is also
under trial in Italy over charges relating to the same case.[21]

In September 2018, an Italian court found Saipem and former CEO Pietro Tali, guilty of
corruption over bribes in Algeria. The former CEO was sentenced to four years and nine
months in prison and 197.9 million euros were seized from the company.[22]

In January 2020, after an appeal brought before the Milan Court of Appeal, the court finally
acquitted Saipem and all managers involved.

Corporate affairs

Headquarters and offices

Saipem headquarters in San Donato

Milanese.

Saipem's headquarters are located in San Donato Milanese, a suburb of Milan, Italy.

Saipem has offices in over 60 countries, including:

Far East and Oceania: Australia, China,

India, Indonesia, Malaysia, Singapore,
Thailand.
Europe: Italy, France, Belgium, Croatia,
Germany, Great Britain, Ireland,
Luxemburg, Norway, The Netherlands,
 Portugal, Spain, Switzerland, Turkey,
Poland, Romania
America: Argentina, Brazil, Canada,
Ecuador, Mexico, Peru, U.S.A.,
Venezuela, Suriname
CIS: Azerbaijan, Kazakhstan, Russia,
Georgia
Africa: Algeria, Angola, Cameroon,
Congo, Egypt, Gabon, Libya, Morocco,
Nigeria, Sudan, Mozambique
Middle East: United Arab Emirates,
Saudi Arabia, Iran, Oman, Qatar, Iraq,
Kuwait

Subsidiaries
The group headed by Saipem S.p.A. includes approximately 90 companies and consortia,
based all around the world.
 "Petromar’s" shares are divided 70%
(Saipem) 30% (Sonangol)
https://www.petromar.co.ao/about/

Board of directors
The current chairman of Saipem S.p.A. is Silvia Merlo since 14 March 2023. Next to her
appointment as Saipem chairman, Merlo is CEO of Merlo S.p.A. Industria Metalmeccanica.
The current CEO of Saipem is Alessandro Puliti, since 31 August 2022.

Main Shareholders
On the basis of the information available and the communications received pursuant to
CONSOB Resolution 11971/1999 (Issuers Regulations), the shareholders holding shares
totalling to more than 3% of the share capital of Saipem S.p.A. are:

SHAREHOLDERS % OF CAPITAL

Eni S.p.A 31.19

CDP Industria S.p.A 12.82

Intesa San Paolo S.p.A 3.42

Main Offshore Pipe-laying
fleets at 31 December 2017

Self-propelled, semi-submersible, dynamically positioned crane and pipelay

Saipem
vessel capable of lifting structures of up to 14,000 tonnes and J-laying
7000
pipelines at depths of up to 3,000 metres

Dynamically positioned vessel utilised for the development of deep-water fields

Saipem at depths of over 2,000 metres. Capable of launching 22" diameter pipes in J-
FDS lay configuration with a holding capacity of up to 750 tonnes and a lifting
capacity of up to 600 tonnes

Dynamically positioned vessel utilised for the development of deep-water

fields, capable of launching pipes with a maximum diameter of 36" in J-lay
Saipem
mode with a holding capacity of up to 2,000 tonnes and depths up to 3,000
FDS 2
metres. Also capable of operating in S-lay mode with a lifting capacity of up to
1,000 tonnes

Semi-submersible pipelay vessel capable of laying large diameter pipe at

Castoro Sei
depths of up to 1,000 metres.

Self-propelled, dynamically positioned pipe-laying vessel operating in S-lay

mode with a 120-metre long S-lay stern stinger composed of 3 articulated and
adjustable sections for shallow and deep-water operation, a holding capacity of
Castorone
up to 1,000 tonnes, pipelay capability of up to 60 inches, onboard fabrication
facilities for triple and double joints and large pipe storage capacity in cargo
holds.

Dynamic positioning ship (acquired through a long-term lease) for laying

Normand umbilicals and flexible lines up to a depth of 3,000 meters. It is equipped with a
Maximus crane that has a lifting capacity of up to 900 tonnes and a 550-tonne vertical
lay tower with the possibility of laying rigid flow lines.

Mono-hull, self-propelled d.p. derrick crane ship, capable of laying flexible pipes
Saipem
and umbilicals in deep waters (3,000 m) and lifting structures of up to 2,200
3000
tonnes
 Derrick lay barge capable of laying pipe of up to 60" diameter and lifting
Castoro II
structures of up to 1,000 tonnes.

Trench/pipelay barge capable of burying pipes of up to 60" diameter and of

Castoro 10
laying pipes in shallow waters.

Pipelay barge capable of laying pipes of up to 40" diameter in ultra-shallow

Castoro 12
waters of a minimum depth of 1.4 metres.

Post-trenching and back-filling barge for pipes of up to 40" diameter in ultra-

Castoro 16
shallow waters of a minimum depth of 1.4 metres.

Heavy lifting barge equipped with 2 crawler cranes, capable of carrying out
installations whilst grounded on the seabed and is capable of operating in S-lay
Ersai 1
mode. The lifting capacities of the 2 crawler cranes are 300 and 1,800 tonnes,
respectively.

Work barge equipped with a fixed crane capable of lifting structures of up to

Ersai 2
200 tonnes.

Ersai 3 Support barge with storage space, workshop and offices for 50 people.

Ersai 4 Support barge with workshop and offices for 150 people.

Bautino 1 Shallow water post trenching and backfilling barge.

Bautino 2 Cargo barge for the execution of tie-ins and transportation of materials.

Accommodation barge for up to 400 people, equipped with gas shelter in the
Ersai 400
event of an evacuation due to H2S leaks.

Castoro XI Heavy-duty cargo barge

Castoro 14 Cargo barge.

Castoro 15 Cargo barge.

S42 Cargo barge.

S43 Cargo barge.

S44 Launch cargo barge

S45 Launch cargo barge

S46 Cargo barge.

S47 Cargo barge.

S 600 Launch cargo barge

Main Drilling fleets at 31
December 2017

Semi-submersible platform Scarabeo 5

Semi-submersible platform Scarabeo 6
Semi-submersible platform Scarabeo 7
Semi-submersible platform Scarabeo 8
Semi-submersible platform Scarabeo 9
Drillship Saipem 10000
Drillship Saipem 12000
Jack-up Perro Negro 2
Jack-up Perro Negro 3
Jack-up Perro Negro 4
Jack-up Perro Negro 5
 Jack-up Perro Negro 7
Jack-up Perro Negro 8
Tender Assisted Drilling Barge

Main FPSO's at 31 December

2017

Saipem Cidade de Vitoria

Saipem Gimboa
Saipem Kaombo (not owned)

See also

Italy portal
Companies
portal
Energy
portal
 List of Italian companies
List of oilfield service companies

References

1. "Saipem Financial Statements 2018" (htt

p://www.saipem.com/en_IT/static/docum
ents/PR%20%20Saipem%2028_02_2019.p
df) (PDF).

2. "Corporate Governance and Shareholding

Structure Report 2018" (https://www.saip
em.com/sites/default/files/2019-04/Corp
orateGovernance18_Eng.pdf) (PDF).
saipem.com. Saipem. Retrieved
20 January 2020.
3. Vassiliou, Marius S. (2018). Historical
dictionary of the petroleum industry
(2nd ed.). Lanham, Maryland, USA:
Rowman & Littlefield Publishers. p. 287.
ISBN 978-1538111598.

4. Verda, Matteo (2011). Una politica a tutto

gas. Sicurezza energetica europea e
relazioni internazionali. Milan: Bocconi
University. ISBN 9788823873179.

5. Craig, J.; Gerali, F.; Macaulay, F.; Sorkhabi,

R. (2018). History of the European Oil and
Gas Industry. London: The Geological
Society. p. 259. ISBN 9781786203656.

6. "Eni in Germany – history" (https://www.e

ni.com/en_DE/eni-germany/history.pag
e) . eni.com. January 2016. Retrieved
21 January 2020.
7. Richard Dechert, Charles (1963). Ente
Nazionale Idrocarburi: Profile of a State
Corporation. West Lafayette, Indiana, USA:
Purdue University. p. 58.

8. Khun, Maximilian (2012). Enabling the

Iranian gas export options: the destiny of
Iranian energy relations in a tripolar
struggle over energy security and
geopolitics. Berlin: Springer. p. 231.
ISBN 9783658000929.

9. Victor, David G. (2006). Natural gas and

geopolitics : from 1970 to 2040.
Cambridge: Cambridge University Press.
pp. Chapter 3. ISBN 9780511493492.
10. Pratt, Joseph A.; Priest, Tyler; Castaneda,
Christopher J. (1997). Offshore Pioneers:
Brown & Root and the History of Offshore
Oil and Gas (https://archive.org/details/of
fshorepioneers00prat) . Houston, Texas:
Gulf Publishing Company. p. 287 (https://
archive.org/details/offshorepioneers00pr
at/page/n305) . ISBN 0884151387.

11. "The Saipem 7000: One of the Biggest

Cranes in the World" (https://www.marinei
nsight.com/types-of-ships/the-saipem-70
00-one-of-the-biggest-cranes-in-the-worl
d/) . Marine Insight. 11 October 2019.
Retrieved 23 January 2020.
12. "Saipem completes Bouygues Offshore
acquistion [sic]" (https://www.ogj.com/ge
neral-interest/article/17248606/saipem-c
ompletes-bouygues-offshore-acquistion) .
Oil & Gas Journal. 17 July 2002. Retrieved
23 January 2020.

13. "Saipem Acquires Snamprogetti" (https://

www.rigzone.com/news/oil_gas/a/2983
7/saipem_acquires_snamprogetti/) .
Rigzone. 27 February 2006. Retrieved
23 January 2020.

14. "Total awards contracts for Egina field" (ht

tps://www.oilonline.com/industry-news/u
pstream/total-awards-contracts-egina-fiel
d) . Oil Online. Retrieved 25 June 2013.
15. "Saipem wins $1.8 billion Caspian Sea
pipeline contract" (http://petroglobalnews.
com/2015/02/saipem-wins-1-8-billion-cas
pian-sea-pipeline-contract/) . Petro Global
News. Retrieved 18 February 2015.

16. "Video: Saipem's work on Ichthys LNG

pipeline" (https://www.lngworldnews.co
m/video-saipems-work-on-ichthys-lng-pip
eline/) . LNG world news. 21 April 2017.
Retrieved 23 January 2020.

17. "Saipem, il mercato approva il piano" (htt

p://www.stefanocao.it/beta/wp-content/u
ploads/2016/07/29102015_IlSole24Ore.p
df) (PDF). Il Sole 24 Ore. 29 October
2015. Retrieved 20 January 2020.
18. "Saipem: Agreement with Kitegen for
technology to generate power from high
altitude wind" (https://www.saipem.com/
en/media/news/2019-03-13/saipem-agre
ement-kitegen-technology-generate-power
-high-altitude-wind) .

19. https://www.saipem.com/sites/default/fil
es/2019-
06/Briefing%20Note_Agreement%20with%
20KiteGen.pdf
20. Masoni, Danilo (20 December 2010).
"Saipem settles Nigeria probe for $30
mln" (https://web.archive.org/web/20110
715175734/http://af.reuters.com/article/
energyOilNews/idAFLDE6BJ1N02010122
0) . Reuters. Archived from the original (ht
tps://af.reuters.com/article/energyOilNew
s/idAFLDE6BJ1N020101220) on 15 July
2011. Retrieved 19 February 2011.

21. "Saipem to go on trial on Nigeria charges"

(https://web.archive.org/web/201107151
75730/http://af.reuters.com/article/invest
ingNews/idAFJOE70P0L920110126) .
Reuters. 26 January 2011. Archived from
the original (https://af.reuters.com/articl
e/investingNews/idAFJOE70P0L9201101
26) on 15 July 2011. Retrieved
19 February 2011.
 22. "UPDATE 3-Italy court finds Saipem guilty
in Algeria graft case but acquits Eni" (http
s://www.reuters.com/article/saipem-alger
ia-corruption-verdict-idUSL8N1W54T5) .
Reuters. 19 September 2018. Retrieved
4 August 2020.
"Saipem Interim Financial Report as of June 30, 2019" (https://www.saipem.com/sites/defaul
t/files/static/en/documents/07SaipemSem19Ing.pdf) (PDF). Saipem. Retrieved 14 April
2020. "During the first half of 2019, Saipem recorded positive operational performance."

Essential bibliography

(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

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