Is Saipem Getting Ready for Spin Off from Eni?

Fabrizio Barbieri has resigned from his position as a director of Saipem’s Board. The non-executive Board member was drawn from the list of candidates presented by Eni at the Shareholders’ Meeting on 6 May 2014. 

As a result, the number of Eni-presented members of Saipem board went down from 6 to 5 out of 8. 

Last month, Eni said that it intends to have a greater focus on oil and gas business priorities. 

“In this context the shareholding in Saipem is not considered core. Eni is therefore examining a range of options, with the support of a financial advisor, and will update the market as appropriate. In the meanwhile, Eni maintains debt funding for Saipem, adding to its financial solidity,” the company wrote on July 31.

Last May, Saipem has been awarded a $750 million contract for the construction and commissioning of the expansion of the South Caucasus Pipeline in Azerbaijan and Georgia.