03APR2019 - NEWS - Italy based oil field services firm Saipem SpA in talks to sell its offshore and onshore drilling units

Italian oil field services firm Saipem SpA is in discussions to sell both its offshore and onshore drilling units in separate transactions that would slice off about a 10th of the company’s annual sales. The two units are core to Saipem’s balance sheet, accounting for about 11 percent of the company’s total revenue. The problems at the offshore drilling unit are mainly due to the inactivity of its Scarabeo 5 and 8 rigs and weak crude prices.

Published by Editor - www.Livebunkers.com at 03-Apr-2019 05:12:34 [UTC] , contact editor at editor@livebunkers.com