QUOTATIONS
SaipemSaipem Risp Cv
After a declining start, Saipem has eliminated its losses and is now up by more than one percentage point. For the Italian group of oil services, which in recent weeks announced the third consecutive profit warning and launched a new organizational structure, today the news arrived that the Court of Algiers has condemned Saipem in the first instance in the criminal proceedings underway since 2019 in Algeria concerning, among other things, the procedures for assigning the Arzew LNG3 project in 2008. In detail, yesterday’s ruling by the Court of Algiers in relation to both counts established a fine and compensation for damages for a total amount of approximately 192 million euros against Saipem, Saipem Contracting Algérie and Snamprogetti Algeria Branch. The outcome of the sentence will determine the recognition in the financial statements as at 31 December 2021 of a charge of the same amount, the payment of which remains suspended following the appeal.
“Saipem, Saipem Contracting Algérie and Snamprogetti SpA Algeria Branch will appeal against the conviction decision of the Court of Algiers with consequent suspension of its effects – a note reads -. It is recalled that the Italian judicial authority, following the outcome of a criminal proceeding in which the procedures for assigning the LNG 3 Arzew project in 2008 were also analyzed, pronounced a definitive acquittal sentence on 14 December 2020 “.
In a second note, Saipem announced that it is engaged in the revision of the 2022-2025 strategic plan presented on 28 October last, which will be submitted to the approval of the board of directors on 15 March 2022, on the occasion of the board meeting which it will examine for the ” also approves the consolidated and statutory financial statements 2021 and the financial maneuver.