Saipem

What Saipem does

Saipem S.p.A. is an Italian publicly traded engineering, procurement, construction and installation (EPCI) contractor (Milan Stock Exchange: SPM) serving the global oil and gas and energy transition sectors. Founded in 1957 as a marine and onshore contractor and headquartered in San Donato Milanese, the company executes complex offshore projects (SURF, subsea development, fixed and floating platforms, offshore wind, decommissioning) and onshore projects (LNG, gas processing, fertilizers, refineries, pipelines) for International Oil Companies and National Oil Companies including ExxonMobil, Saudi Aramco, TotalEnergies, QatarEnergy LNG, Eni/BP's Azule Energy, Petrobras, ADNOC, and Aker BP. Saipem differentiates through an owned fleet of specialized pipelay, crane, and subsea construction vessels; fabrication yards in Italy, Saudi Arabia, Angola, Guyana, and Suriname; and a 2,639-patent portfolio including the Hydrone-R and FlatFish autonomous underwater drones, AI-based predictive maintenance systems on the Saipem 12000 drillship, the Snamprogetti urea technology (4,235 MTPD per unit), Bluenzyme CO2 capture solvent, and IVHY 100 hydrogen production technology.

Revenue is generated primarily through project-based EPCI contracts valued in the hundreds of millions to several billion dollars, awarded via competitive bidding with cost-plus or fixed-price structures, plus day-rate offshore drilling services and a growing low-carbon solutions line covering CCUS, hydrogen, ammonia, biorefineries, and renewables. FY 2025 revenue reached €15.5 billion (6.5% growth) with €1.7 billion adjusted EBITDA (29.1% growth) and a record backlog above €31 billion. In July 2025 Saipem announced a 50:50 merger with Subsea7 to form Saipem7 (expected close H2 2026, approximately €21 billion combined revenue and €43 billion backlog), while simultaneously divesting its Saudi Arabian shallow-water drilling subsidiary to ADES Holding for $285 million to refocus on deepwater and harsh-environment offshore work.

Name

Saipem

Legal name

SAIPEM SpA

Website

https://saipem.com

Company type

Public

Founded year

1957

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Saipem is an Italian publicly traded EPCI contractor executing complex offshore and onshore energy infrastructure projects (SURF, subsea, LNG, drilling) for major IOCs and NOCs including ExxonMobil, Saudi Aramco, QatarEnergy, Eni/BP, and TotalEnergies, supported by owned vessels, global fabrication yards, and proprietary robotics and carbon capture technologies.

Ownership category

akta.pro rank

Product category

Energy Infrastructure EPC Services

NAICS

Oil and Gas Field Machinery and Equipment Manufacturing (333132)

SIC

Oil & Gas Field Services, Nec (1389), Water, Sewer, Pipeline, Comm & Power Line Construction (1623)

akta.pro primary industry

Construction Management & General Contracting (EPCM, Scheduling, QA/QC, HSE) (EUAMAFAJ)

akta.pro secondary industries

Wind Power Plant EPC (Onshore/Offshore) (EUAEAAAF), Structural & Mechanical BOP Construction (Racking/Trackers, Turbine Erection Support, Mounting Structures) (EUAMAFAC), Marine & Offshore Wind BOP Construction (Foundations, Cables, Ports, Installation Support) (EUAMAFAI), Environmental & Permitting Execution Services (Erosion Control, Habitat Mitigation, Compliance) (EUAEADAL)

Keywords

• Offshore engineering services
• Subsea construction
• Onshore EPC
• Oil and gas infrastructure
• Energy transition solutions

Headquarters

HQ city

Milan

HQ country

Italy

HQ region

Europe

Offices8 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Offshore Engineering and Construction (E&C): Large-scale offshore EPCI contracts for subsea pipelines, platforms, floating structures, and offshore wind installations. Revenue is project-based with long execution cycles spanning multiple years. The company deploys owned construction vessels and fabrication yards for project delivery.
2. Onshore Engineering and Construction: Onshore EPC contracts for LNG facilities, refineries, petrochemical plants, pipelines, fertilizers (urea), and conventional onshore projects. Revenue recognized over project duration with milestone-based billing.
3. Offshore Drilling Services: Contract drilling services using owned and chartered drilling rigs and drillships for offshore oil and gas exploration and production. Revenue recognized on day-rate basis over contract duration.
4. Low Carbon Solutions: Carbon capture, utilization and storage (CCUS), hydrogen, ammonia, biorefineries, and renewables projects supporting energy transition. Growing revenue stream from emerging energy transition technologies.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Saipem is a global engineering, procurement, construction, and installation (EPCI) contractor for the energy industry, providing integrated offshore and onshore solutions including subsea pipelines and SURF, fixed and floating offshore platforms, offshore drilling on day rates, LNG and gas monetization facilities, refineries, fertilizer plants using its Snamprogetti urea technology, and energy transition offerings spanning CCUS, hydrogen, ammonia, biorefineries, and offshore wind. The company supports delivery through owned fabrication yards and a specialized vessel fleet.

Product overview

Saipem is a global engineering and construction company specializing in energy infrastructure, operating as a unified platform across multiple interconnected service lines. The portfolio includes Offshore E&C (SURF/subsea development, platforms, decommissioning), Onshore E&C (LNG, gas monetization, fertilizers, refineries, pipelines), Drilling Offshore, Robotics (underwater drones), Renewable Energy (offshore wind, solar, geothermal), and Low Carbon solutions (CCUS, hydrogen via IVHY 100, ammonia, biorefineries). Key proprietary technologies include Snamprogetti urea technology and Bluenzyme CO2 capture solvent. The company also provides Sustainable Infrastructures (rail) and Maintenance/Operations services, with fabrication yards and fleet assets supporting project delivery globally.

Differentiator

Problem solved

Functional benefit

Products and services

• Offshore Engineering and Construction (E&C) Integrated EPCI services for deepwater and conventional offshore projects, including SURF (Subsea Umbilicals, Risers, and Flowlines), subsea development, conventional offshore platforms, floating high-tech solutions, decommissioning, and fabrication yard services, delivered for international oil companies and national oil companies globally.
• Onshore Engineering and Construction EPC services for onshore energy infrastructure including LNG and regasification facilities, gas monetization plants, fertilizer plants using Snamprogetti urea technology, refineries, petrochemicals, pipelines, and conventional onshore projects, delivered for energy and process-industry clients.
• Offshore Drilling Services Contract drilling services for deepwater and ultra-deepwater exploration and production, using Saipem's owned and chartered fleet of drillships and semi-submersible rigs (including the Saipem 12000 ultra-deepwater drillship and Scarabeo 8), billed on day-rate basis.
• Robotics and Underwater Drones Autonomous subsea robotic solutions including the Hydrone-R (cable-free drone with 500+ days of subsea residency, 12.5m wave tolerance) and the FlatFish inspection drone (Petrobras-approved for full deployment in Brazil), deployed for inspection, survey, and intervention at depths up to 3,000 meters.
• CCUS (Carbon Capture, Utilization and Storage) Comprehensive carbon capture, reuse, transport, and storage solutions for large industrial emitters in hard-to-abate sectors, built on proprietary technologies such as Bluenzyme (enzyme-enhanced potassium carbonate solvent), CO2 Solutions, and the Hot Potassium Carbonate partnership with Capsol Technologies.
• Hydrogen Production (IVHY 100) Low-carbon hydrogen production solutions centered on IVHY 100, a hydrogen production technology powered by Nel, delivered as part of Saipem's energy transition portfolio for sustainable energy carrier generation.
• Blue and Green Ammonia Ammonia production solutions for reducing carbon emissions in energy and industrial applications, covering both blue (fossil with CCUS) and green (renewable-powered) ammonia pathways.
• Biorefineries Integrated biorefinery solutions supporting decarbonization and circular economy practices for industrial and energy clients.
• Renewable Energy Renewable energy solutions including offshore wind installation, solar energy, and geothermal energy projects supporting sustainable energy infrastructure development.
• Maintenance, Modification and Operations (MMO) Lifecycle support services for existing energy infrastructure, covering maintenance, modifications, and operational services across offshore and onshore assets.
• Project Management Consultancy (PMC) and Services Professional project management and consultancy services for complex energy infrastructure projects, supporting clients with project execution oversight.
• Sustainable Infrastructures High-speed rail and freight railway infrastructure development and construction services delivered under Saipem's sustainable infrastructures offering.
• Snamprogetti Urea Technology Proprietary patented urea production technology licensed to fertilizer plants worldwide, with record-breaking daily capacity of 4,235 metric tons per day per unit; licensed to clients including Dangote Fertilizer for six units across Nigeria and Ethiopia.
• Hydrone-R Autonomous Underwater Drone Cable-free autonomous underwater drone operating independently without surface vessel support, with 500+ days of subsea residency and capability to operate in sea states with wave heights up to 12.5 meters; deployed under a 10-year service agreement with Equinor at the Njord field.
• FlatFish Underwater Inspection Drone Autonomous underwater inspection drone for inspection tasks in offshore waters; approved by Petrobras in March 2026 for full deployment in Brazil's offshore sector, completing the testing phase.
• Autonomous Robot Management Platform Industrial inspection platform developed with Roboverse Reply using quadruped robots (Unitree's Go2) equipped with 3D laser scanners, enabling autonomous navigation, real-time 3D mapping, offline-first data synchronization, and privacy-compliant computer vision processing for anomaly detection.
• AI-Based Predictive Maintenance System (Saipem 12000) AI-based predictive maintenance system deployed on the Saipem 12000 ultra-deepwater drillship, developed with ADC Energy, using real-time equipment data and AI algorithms to monitor conditions, predict failures, and schedule interventions to reduce downtime and maintenance costs.

Quantifiable outcome

• Revenue growth of 6.5% to €15.5 billion in FY 2025, with EBITDA increasing 29.1% to €1.7 billion
• +4 more outcomes

Named customers11 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability8 records

Feature7 records

Partnerships

15 partnerships are on record, tiered minor, core, strategic and flagship.

• ADES HoldingminorChannel Partner/ Reseller/ Distributor · 24 June 2026ADES acquired Saudi Arabian Saipem subsidiary for $285 million, gaining five premium jackup rigs. Deal expected to close Q3 2026 pending regulatory approvals. Saipem retains bareboat charter access to Perro Negro 10 rig.
• Azule Energy (Eni/BP Joint Venture)coreStrategic or Co-development Partner · 23 June 2026$1 billion contract awarded to Saipem for Greater PAJ development in Angola's Blocks 31 and 31/21. Azule Energy is 50-50 joint venture between Eni and BP. Project involves subsea infrastructure at water depths up to 2,000 meters with fabrication at Saipem's Ambriz yard.
• Roboverse ReplystrategicTechnology or Integration · 3 June 2026Development partnership for autonomous robot management platform using quadruped robots (Unitree's Go2) equipped with 3D laser scanners for industrial inspections. Platform enables autonomous navigation, real-time 3D mapping, and AI-powered anomaly detection.
• BIP (Consulting Firm)minorImplementation/ SI/ Consulting Partner · 3 June 2026Partnership with consulting firm BIP for predictive maintenance program on Saipem 7000 semi-submersible crane vessel.
• PetrobrascoreStrategic or Co-development Partner · 21 May 2026Memorandum of understanding to evaluate and develop integrated solutions for decommissioning activities in Brazil's oil and gas sector, covering plug and abandonment of wells and subsea decommissioning. Non-binding one-year agreement.
• Wison New EnergiesminorStrategic or Co-development Partner · 19 May 2026Chinese firm Wison New Energies performing topside fabrication for floating production unit (FPU) for Türkiye's Sakarya gas field. Saipem holds $1.5 billion contract for pipeline engineering and installation at same project.
• Daewoo E&CstrategicStrategic or Co-development Partner · 19 May 2026Joint venture for Nigerian NLNG Train 7 project where Daewoo serves as prime EPC contractor with Saipem and Chiyoda. Daewoo achieved milestone as first Korean firm to serve as prime EPC contractor for LNG liquefaction plant.
• Next Geosolutions (NextGeo)strategicStrategic or Co-development Partner · 4 May 2026Survey and installation support activities at Bouri Gas Utilisation project offshore Libya. Original contract value exceeding €70 million with €4-6 million increase announced. NextGeo providing SAT diving services under €150 million LOI for Middle East operations.
• ExxonMobil GuyanacoreStrategic or Co-development Partner · 22 April 2026Eighth offshore development contract with ExxonMobil in Stabroek block. Limited notice to proceed worth $150 million for Longtail project, with full EPCI contract potentially worth $750 million to $1.5 billion spanning four years. ExxonMobil holds 45% operating interest alongside Hess (Chevron) and CNOOC.
• Capsol TechnologiescoreTechnology or Integration · 5 March 2026Non-exclusive cooperation agreement to jointly develop carbon capture projects using Hot Potassium Carbonate (HPC) technology. Partnership combines Capsol's CO2 capture technology with Saipem's project delivery expertise for large industrial emitters. Builds on existing Stockholm Exergi BECCS plant collaboration.
• Stockholm ExergistrategicStrategic or Co-development Partner · 5 March 2026Existing collaboration where Saipem serves as EPC contractor for Stockholm Exergi's bioenergy carbon capture and storage (BECCS) plant project using Capsol's technology.
• TotalEnergiescoreStrategic or Co-development Partner · 25 February 2026Partnership with TotalEnergies for review of purchase orders for resumption of Mozambique LNG project valued at $20 billion. Also working with TotalEnergies on GranMorgu project in Suriname.
• ADC EnergystrategicTechnology or Integration · 23 February 2026Development partnership for AI-based predictive maintenance system on Saipem 12000 ultra-deepwater drillship. System uses real-time data and artificial intelligence algorithms to predict failures and schedule maintenance.
• Offshore Oil Engineering Co. (COOEC)coreStrategic or Co-development Partner · 21 December 2025Consortium partnership for QatarEnergy LNG North Field expansion project. Overall contract value approximately $4 billion with Saipem's share of $3.1 billion. COOEC is a Chinese state-owned offshore engineering company.
• Subsea 7flagshipStrategic or Co-development Partner · 24 July 2025Proposed 50:50 merger announced July 2025 to create Saipem7, a global leader in energy services with combined revenue of approximately €21 billion, EBITDA over €2 billion, and €43 billion backlog. Merger expected to finalize H2 2026 with headquarters in Milan. Received unconditional approval from Brazil's CADE antitrust regulator. Faced opposition from ExxonMobil, Petrobras, and TotalEnergies over market concentration concerns.

Scale indicators16 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Fluor Corporation: Fluor is a broader global EPC incumbent with significant overlap in onshore LNG, refining, petrochemicals, and offshore projects. It competes with Saipem's Onshore E&C segment for mega-project tenders and operates across similar geographies with comparable IOC/NOC clients.
• Worley: Worley is a broader energy services incumbent delivering project delivery, engineering, and consulting across upstream, midstream, downstream, and energy transition. While not exclusively offshore, it overlaps with Saipem in offshore EPCI, onshore EPC, and energy transition projects, and serves a comparable IOC/NOC client base.
• John Wood Group: Wood is a broader energy services and engineering peer delivering consulting, project management, and EPC support across upstream, refining, chemicals, and energy transition. It overlaps with Saipem's PMC services and shares IOC/NOC clients, though it does not own offshore construction assets at the same scale.

Direct peers

• McDermott International: McDermott is a direct peer in offshore engineering, procurement, construction, and installation for offshore oil & gas and energy transition projects. It competes head-to-head with Saipem on large EPCI tenders (subsea, SURF, offshore wind foundations) and shares similar client relationships with supermajors and NOCs in the Gulf of Mexico, Middle East, and Asia Pacific.
• Petrofac: Petrofac is a direct peer in onshore EPC for oil & gas, with comparable capabilities in LNG, gas processing, refining, and offshore platforms. It targets the same NOC/IOC customer base and competes with Saipem's Onshore E&C segment in the Middle East, North Africa, and Asia.
• Subsea7: Subsea7 is Saipem's closest direct peer in offshore SURF (subsea umbilicals, risers, and flowlines) and offshore EPCI services. The two companies have announced a 50:50 merger to form Saipem7, reflecting nearly identical customer bases (supermajors and NOCs), vessel fleets, and deepwater execution capabilities.
• Aker Solutions: Aker Solutions is a direct offshore and subsea EPCI peer, particularly strong in the Norwegian Continental Shelf and North Sea. It competes with Saipem in SURF, subsea production systems, and offshore wind, and shares key clients such as Equinor and other North Sea-focused operators.
• TechnipFMC: TechnipFMC is a direct offshore EPCI peer providing subsea systems, SURF installation, and integrated project execution for deepwater oil & gas developments. Operates a comparable vessel fleet and serves the same IOC/NOC client base, making it one of the closest direct competitors to Saipem's offshore franchise.

Regional players

• Offshore Oil Engineering Co. (COOEC): COOEC is a China-based offshore EPCI contractor that partnered with Saipem on the QatarEnergy LNG North Field expansion ($4B consortium project). It competes with Saipem in offshore platforms and SURF installation across Asia and the Middle East, and offers lower-cost fabrication capacity at scale.
• L&T Energy Hydrocarbons (L&T): L&T Energy Hydrocarbons is an India-based regional EPC peer competing with Saipem on offshore platforms, modules, and onshore oil & gas projects, particularly in the Middle East and Asia. It is a consortium partner on the QatarEnergy LNG project (alongside Saipem and Daewoo E&C) and offers comparable fabrication and modular construction capabilities.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries5 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Saipem