The Saipem group sinks on the stock market and firm at 30% with a capitalization reduced to 1.3 billion euros. The collapse of the services and infrastructures group for the energy sector (gas in particular) is due to theannouncement of losses in 2021 for more than a third of the capital thus triggering the obligation of recapitalization as required by the Civil Code. Group shareholders will be asked to contribute money to the company. Saipem is 30% controlled by Eni while another 12.5% belong to Cassa Depositi e Prestiti (mainly to the Italian Treasury). The other important shareholders are Active Marathon management (5.6%) e raise Capital (3%). According to some assessments, the company will have to provide a recapitalization of 1 to 1.5 billion euros.
“Referring to what Saipem announced, Eni is monitoring the situation closely and will carry out all its own assessments in relation to the problems and scenarios that will be presented by the company itself, in coordination with the CDP, ”said a spokesperson for the Eni group this morning. Environments close to Consob (the market surveillance authority, ed) let it be known that the commission is following the situation very carefully but that an official position will only be taken when it is published the 2021 budget and the auditors’ report. For the time being – it is specified – these are forecasts contained in a Press release, without any precise entity on the exceeding of the critical threshold of the loss for the year, and the reaction on the Stock Exchange is considered to be completely physiological according to the press release of the company.
Saipem has also decided to withdraw the outlook announced on October 28, 2021 (corporate earnings forecasts). After the hard-to-recover profit at the end of 2019, a long series of negative quarters began for Saipem, due to the drop and slowdown in orders also attributable to the pandemic. The block saved in mozambiqueproject value 4 billion euros presented last April with the French Total. In this case the stoppage is due to “force majeure“, invoked by the French group, after a series of terrorist attacks a short distance from the plant. For Saipem, this was a shortfall of 1.4 billion euros until the end of 2021.