Eni completes sale of 10% stake in Saipem for €393mn

Italian energy major Eni has finalised the sale of its 10% share in engineering company Saipem for €393mn ($422.95mn), the company announced on June 12. The settlement of the transaction is scheduled for June 14.

Post the placement, carried out through an accelerated bookbuilding aimed at institutional investors, Eni holds 423.92mn shares in Saipem, representing approximately 21.19% of the company's share capital. Out of these, 249.50mn shares (about 12.50% of the share capital) are covered by the shareholders’ agreement with CDP Equity, an Italian sovereign wealth fund.

Eni has agreed with the joint bookrunners not to sell additional shares of Saipem on the market for a period of 180 days, subject to waiver in line with market practice.

Saipem is actively involved in various gas and LNG projects, including QatarEnergy LNG's North Field project. In March, the company announced the successful loading out of the first three topsides from its Karimun fabrication yard in Indonesia, destined for Qatar.