Milan Court of Appeal Confirms First Instance Ruling Against Saipem Over Nigeria

Saipem said it will file further appeal with Italian Court of Cassation, after the Milan Court of Appeal confirmed the first instance ruling in relation to alleged offences committed by Snamprogetti Netherlands in Nigeria.

‘The Court of Appeal dismissed Saipem's appeal against the ruling of the Court of Milan, which in July 2013 ordered the Company to pay €600,000, as well as the confiscation of the deposit of €24,530,580 paid by Snamprogetti Netherlands to the Milan Public Prosecutor's office in February 2011’ reads the note released on Thursday.

The company said it will revise the verdict, before appealing to the Italian Court of Cassation, confirming it does not see grounds for holding the company liable. 

‘Saipem’s involvement in the investigation into the activity of the TSKJ Consortium in Nigeria during the 1994-2004 period is solely due to the fact that, in 2006, Saipem SpA acquired Snamprogetti SpA, the parent company of Snamprogetti Netherlands BV, which holds a 25% stake of the TSKJ Consortium.’

The company also said that the second instance ruling will not have a financial impact.