The FTSE MIB started trading on the downside, accomplices latest news on trade war US-China. Then towards the end of the morning things got better and the index was back above par.
This happened thanks to the contribution of various stocks including Diasorin, Azimut, Hera and Telecom Italia. Saipem shares also helped the Italian stock exchange by virtue of some new contracts signed.
Saipem shares: the contract in Guyana
To begin with, the listed company of Piazza Affari has been awarded a subsea contract with Esso Exploration and Production Guyana (a subsidiary of ExxonMobil) in virtue of which it will participate in the Payara development project.
Saipem will handle the supply of flowlines, risers and subsea structures in general, which will be used in the Stabroek block, more precisely off the Guyanese coasts at a depth of about 2,000 meters.
The operations provided for by the contract that gave force to the Saipem shares will have to get the go-ahead from the local government as well as the permissions by EEPGL, Hess Guyana Exploration Ltd and CNOOC Nexen Petroleum Guyana. Pending, the company will still be able to proceed with detailed engineering and procurement activities.
The other contracts
Supporting Saipem's actions was not only the blow in Guyana. The listed company has confirmed that it has also won other jobs (on offshore E&C contracts) in different parts of the world including North Sea, Saudi Arabia and Azerbaijan.
The performance of the stock in today's stock market session
In total, the value of the contracts brought home by the Italian is of 800 million dollars. Saipem shares are celebrating all with a rise of 1.3% on € 4.38 share.
Source link
https://www.money.it/azioni-saipem-contratti-da-800-milioni
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