Connect to share and comment

Italian oil rig sinks near Congo River estuary

An offshore rig belonging to Italy's Saipem has sunk off the coast of Angola and Democratic Republic of Congo after the seabed collapsed under one of its legs, the company said on Monday. Saipem said the drilling rig began tilting on Monday and fell on Tuesday in around 40 metres of water near the mouth of the Congo River. "The emergency procedures were promptly activated last night to ensure the evacuation of the personnel on board," Saipem said in a statement. Of the 103 staff present, one was reported missing and six incurred minor injuries.

New Saipem profit warning rattles investors

By Giancarlo Navach and Stephen Jewkes MILAN (Reuters) - A second profit warning in less than 5 months wiped over a quarter from the share price of Italy's Saipem <SPMI.MI> on Monday, leaving Europe's biggest oil industry group worth half what it was at the start of the year.

Saipem "could lose 500 mln euros" in Algerian probe

MILAN (Reuters) - Italian oil services group Saipem <SPMI.MI> could lose up to 500 million euros (426 million pounds) in payments due from Algeria because of a probe into allegations that it paid bribes to win contracts there, the company said on Tuesday. "We are having some difficulties to get recent payments and the worst-case scenario is we won't get these payments," Chief Executive Umberto Vergine told analysts.

UPDATE 2-Petrofac unsettles investors with vague 2013 guidance

* FY net profit up 17 pct to $632 mln vs $636 mln forecast * Company guides for "good growth" in 2013 * Analysts disappointed by lack of quantitative target * Shares down 3.3 pct By Sarah Young LONDON, Feb 27 (Reuters) - British oil services firm Petrofac just missed 2012 profit forecasts and failed to give a specific target for this year, spooking investors already unnerved by a rivals' shock profit warning.

UPDATE 3-Eni reassures investors with buoyant outlook, profits

* Expects output to be boosted by Kashagan field start-up * Sees 2013 oil and gas production growth at over 3 pct * Starts internal audit on Saipem, says zero tolerance on bribery issues * To pay full-year dividend of 1.08 euros By Stephen Jewkes

Prosecutors probe Eni CEO contact with Algeria bribe "fixer"

By Stephen Jewkes and Manuela D'Alessandro MILAN, Feb 8 (Reuters) - A warrant to search the premises of Eni chief executive Paolo Scaroni was based on a meeting he had with the man alleged to have distributed bribes to win Algerian gas contracts for group company Saipem . State-controlled Eni is the biggest listed Italian company and the leading foreign energy operator in Algeria, where Italy sources 30 percent of its gas, making the North African country vital to its energy security.

European shares hold ground after Saipem's shock downgrade

* FTSEurofirst flat * Saipem slashes 2013 forecasts * Oil services firm's tank in Saipem's wake * Banks rally after Swedbank lift dividend By David Brett LONDON, Jan 30 (Reuters) - European shares held their ground on Wednesday after a dividend boost and strong earnings in the banking sector offset the impact of a shock profit warning from Italian oil services firm Saipem.
Syndicate content