Business
Saipem rises on reports of looming $5 billion Qatar contract win
Saipem rises on reports of looming $5 billion Qatar contract win
About this update from Saipem S.p.a.
** Shares in Italy's Saipem MIL:SPM rise around 2% today after Banca Akros highlighted reports from Upstream Online naming the company's joint venture with China's COOEC as the frontrunner for a $5 billion contract in Qatar** The contract is part of Qatar's North Field ProductionSustainability (NFPS) project** "According to the foregoing source, a decision has not been made yet by QatarEnergy LNG," the Italian brokerage says** It however notes that in September 2024 Saipem won an offshore EPC contract by QatarEnergy LNG valued at around $4 billion** The brokerage, which rates the company at "buy", sees the "large" contract as "very positive news" in case closing is confirmed