Saipem Shares Climb on $2 Billion Contract From Saudi Aramco
By Christian Moess Laursen
Shares in Saipem rose after the Italian oilfield-services provider received a new contract valued at around $2 billion from oil giant Saudi Aramco, as part of their long-term agreement.
Shares were up 2.5% at EUR2.00 in Wednesday mid-afternoon trading. Its shares have increased 37% in the year so far, helped by a string of contract wins as activity in the sector has picked up.
Saipem, one of the largest oilfield-services companies in the world by market capitalization, said the contract is for various engineering, procurement, construction and installation work at the Marjan oil-and-gas field in Saudi Arabia.
The contract is the third this month for work on Middle Eastern oil-and-gas fields as Saipem continues to expand its presence in the region.
Write to Christian Moess Laursen at christian.moess@wsj.com
(END) Dow Jones Newswires
September 18, 2024 09:23 ET (13:23 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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