Saipem SpA Price & Performance (SAPMF)

Saipem reported a strong first quarter with a project backlog totaling €33 billion as of March 31, 2025. The company’s commercial pipeline remains stable at €53 billion, with over 60% tied to offshore opportunities. Management reaffirmed its 2025 guidance, reflecting confidence in continued growth and solid market positioning.12

Eni and Saipem have extended their collaboration, focusing on new biorefinery construction and refinery conversions. The latest contract includes upgrading the Enilive biorefinery in Porto Marghera, Italy, increasing capacity to 600,000 tons per year and adding sustainable aviation fuel production by 2027. This move supports Eni’s decarbonization efforts.34

Saipem has renewed its long-term framework agreement with Saudi Aramco, extending eligibility for offshore project bids through 2027. The partnership, leveraging local fabrication capacity, reinforces Saipem's strategic role in Saudi Arabia’s oil and gas sector and ensures continued access to major regional contracts.56