September 25, 2022

Wire Service Canada

Complete Canadian News World

Saipem: Capital Increase by 2 Billion by the End of the Year – Ultima Ora

(ANSA) – Milan, March 25 – Saipem has announced a €2 billion capital increase to be completed by the end of the year. This was stated in a note that the shareholders Eni and Cdp had pledged to subscribe for a total of approximately 43% in proportion to the shares held respectively in the share capital of the company. The remaining part of about 57% – as shown – is covered by the “pre-subscription” agreement (pre-subscription, editor) with the leading Italian and international banks”.

Saipem also signed loan agreements worth 1.5 billion, of which 645 million were provided by Eni and Cdp, as a down payment on the increase, and the rest by banks “to meet short-term liquidity needs”.

Saipem’s net loss in 2021 was 2.46 billion euros, more than double compared to 1.13 billion euros in 2020, more than a third of the company’s capital, as announced on January 31.

The company agreed to review its strategic plan to 2025, with an annual revenue growth rate of approximately 15% in the construction (E&C) and drilling (offshore) segments based on 2021 data. For the year, the group expects positive adjusted EBITDA of more than 500 million and more than a billion at the end of the plan. (handle).

Reproduction is reserved © Copyright ANSA