Saipem
 | |
| Società per Azioni | |
| Traded as | BIT: SPM FTSE MIB Component |
| ISIN | IT0000068525  |
| Industry | Oilfield services |
| Founded | 1957 |
| Founder | Enrico Mattei |
| Headquarters | San Donato Milanese, Italy |
Key people | Stefano Cao (CEO) Marco Mangiagalli (Chairman) |
| Services | Engineering and construction for offshore and onshore projects; drilling rig, drillship and FPSO operation |
| Revenue |  €8.526 billion (2018)[1] |
| €37 million (2018)[1] | |
| €-497 million (2018)[1] | |
| Total assets | €5.028 billion (2018)[1] |
| Total equity | €3.962 billion (2018)[1] |
Number of employees | 32,000 (2018)[1] |
| Website | www.saipem.com |
Saipem S.p.A. (Società Anonima Italiana Perforazioni E Montaggi) 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 still retains approximately 30% of Saipem's shares.[2]
History[edit]
Early history[edit]
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 the 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[edit]
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 join venture between Saipem and Brown & Root was formed, known as European Marine Contractors, that realized two major projects: Zeepipe, completed in 1993, a 1,416km natural gas transportation system to transport North Sea natural gas to the receiving terminal at Zeebrugge in Belgium; and a 707km trunkline connecting Hong Kong with Yancheng 13-1 gasfield, located in the Yinggehai Basin, completed in 1994.[10]
In 1991 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[edit]
In the 21century 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 Lybia 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 1,220km gas sealines of Nord Stream, 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 150km 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 95km pipelines at the Kashagan field, linking the oil fileds 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]
Controversies[edit]
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.[18] Saipem is also under trial in Italy over charges relating to the same case.[19]
Corporate affairs[edit]
Headquarters and offices[edit]
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Saipem's headquarters are located in San Donato Milanese, a suburb of Milan, Italy.
Saipem has offices in over 60 countries, including:
- 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
- Far East and Oceania: Australia, China, India, Indonesia, Malaysia, Singapore, Thailand.
Subdidiaries[edit]
The group headed by Saipem S.p.A. includes approximately 90 companies and consortia, based all around the world.
Board of directors[edit]
The current chairman of Siapem S.p.A. is Francesco Caio since May 3, 2018. Before his appointment as chairman, Caio was CEO of Poste Italiane. The current CEO of Saipem is Stefano Cao, since 30 April 2015. Cao has spent his entire professional career working for Saipem and Eni.
Main Offshore Pipe-laying fleets at December 31, 2017[edit]
| Saipem 7000 | Self-propelled, semi-submersible, dynamically positioned crane and pipelay vessel capable of lifting structures of up to 14,000 tonnes and J-laying pipelines at depths of up to 3,000 metres |
|---|---|
| Saipem FDS | Dynamically positioned vessel utilised for the development of deep-water fields at depths of over 2,000 metres. Capable of launching 22” diameter pipes in J-lay configuration with a holding capacity of up to 750 tonnes and a lifting capacity of up to 600 tonnes |
| Saipem FDS 2 | Dynamically positioned vessel utilised for the development of deep-water fields, capable of launching pipes with a maximum diameter of 36” in J-lay mode with a holding capacity of up to 2,000 tonnes and depths up to 3,000 metres. Also capable of operating in S-lay mode with a lifting capacity of up to 1,000 tonnes |
| Castoro Sei | Semi-submersible pipelay vessel capable of laying large diameter pipe at depths of up to 1,000 metres. |
| Castorone | 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 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. |
| Normand Maximus | Dynamic positioning ship (acquired through a long-term lease) for laying umbilicals and flexible lines up to a depth of 3,000 meters. It is equipped with a 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. |
| Saipem 3000 | Mono-hull, self-propelled d.p. derrick crane ship, capable of laying flexible pipes and umbilicals in deep waters (3,000 m) and lifting structures of up to 2,200 tonnes |
| Castoro II | Derrick lay barge capable of laying pipe of up to 60” diameter and lifting structures of up to 1,000 tonnes. |
| Castoro 10 | Trench/pipelay barge capable of burying pipes of up to 60” diameter and of laying pipes in shallow waters. |
| Castoro 12 | Pipelay barge capable of laying pipes of up to 40” diameter in ultra-shallow waters of a minimum depth of 1.4 metres. |
| Castoro 16 | Post-trenching and back-filling barge for pipes of up to 40” diameter in ultra-shallow waters of a minimum depth of 1.4 metres. |
| Ersai 1 | 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 mode. The lifting capacities of the 2 crawler cranes are 300 and 1,800 tonnes, respectively. |
| Ersai 2 | Work barge equipped with a fixed crane capable of lifting structures of up to 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. |
| Ersai 400 | Accommodation barge for up to 400 people, equipped with gas shelter in the 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 December 31, 2017[edit]
- 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 December 31, 2017[edit]
- Saipem Cidade de Vitoria
- Saipem Gimboa
- Saipem Kaombo (not owned)
See also[edit]
References[edit]
- ^ a b c d e f "Saipem Financial Statements 2018" (PDF).
- ^ "Corporate Governance and Shareholding Structure Report 2018" (PDF). www.saipem.com. Saipem. Retrieved 20 January 2020.
- ^ Vassiliou, Marius S. (2018). Historical dictionary of the petroleum industry (2nd ed.). Lanham, Maryland, USA: Rowman & Littlefield Publishers. p. 287. ISBN 1538111594.
- ^ Verda, Matteo (2011). Una politica a tutto gas. Sicurezza energetica europea e relazioni internazionali. Milan: Bocconi University. ISBN 9788823873179.
- ^ 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.
- ^ "Eni in Germany - history". www.eni.com. Retrieved 21 January 2020.
- ^ Richard Dechert, Charles (1963). Ente Nazionale Idrocarburi: Profile of a State Corporation. West Lafayette, Indiana, USA: Purdue University. p. 58.
- ^ 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.
- ^ Victor, David G. (2006). Natural gas and geopolitics : from 1970 to 2040. Cambridge: Cambridge University Press. pp. Chapter 3. ISBN 9780511493492.
- ^ Pratt, Joseph A.; Priest, Tyler; Castaneda, Christopher J. (1997). Offshore Pioneers: Brown & Root and the History of Offshore Oil and Gas. Houston, Texas: Gulf Publishing Company. p. 287. ISBN 0884151387.
- ^ "The Saipem 7000: One of the Biggest Cranes in the World". Marine Insight. 11 October 2019. Retrieved 23 January 2020.
- ^ "Saipem completes Bouygues Offshore acquistion". Oil & Gas Journal. 17 July 2002. Retrieved 23 January 2020.
- ^ "Saipem Acquires Snamprogetti". Rigzone. 27 February 2006. Retrieved 23 January 2020.
- ^ "Total awards contracts for Egina field". Oil Online. Retrieved 25 June 2013.
- ^ "Saipem wins $1.8 billion Caspian Sea pipeline contract". Petro Global News. Retrieved 18 February 2015.
- ^ "Video: Saipem's work on Ichthys LNG pipeline". LNG world news. 21 April 2017. Retrieved 23 January 2020.
- ^ "Saipem, il mercato approva il piano" (PDF). Il Sole 24 Ore. 29 October 2015. Retrieved 20 January 2020.
- ^ Masoni, Danilo (20 December 2010). "Saipem settles Nigeria probe for $30 mln". Reuters. Retrieved 19 February 2011.
- ^ "Saipem to go on trial on Nigeria charges". Reuters. 26 January 2011. Retrieved 19 February 2011.
"Saipem Interim Financial Report as of June 30, 2019" (PDF). Saipem. Retrieved 14 April 2020. During the first half of 2019, Saipem recorded positive operational performance.
Essential bibliography[edit]
- (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
