Saipem S.p.A. (SocietÃ Anonima Italiana Perforazioni E Montaggi) is an Italian oil and gas industry contractor. It is a subsidiary of Italian energy company Eni, which owns approximately 43% of Saipem's shares. Saipem has contracted for designing and constructing several pipelines, incl... read moreuding Blue Stream, Greenstream, Nord Stream and South Stream.
Saipem was originally founded in 1957 as a service provider for the Eni group. It was founded through the merger of Snam Montaggi and a drilling contractor SAIP. In 1960s it started providing services outside the Eni group, and in 1969 it started operating autonomously. While initially Saipem specialized on onshore pipelaying, plant construction and drilling, in the early 1960s it commenced also offshore operations. Offshore operations started in the Mediterranean and were expanded to the North Sea in 1972.
Since 1984, Saipem is listed at the Milan Stock Exchange. In 2001, Saipem started a number of acquisitions, culminating in the acquisition of Bouygues Offshore s.a. in 2002. Responding to the recent industry trend towards large onshore EPC and EPCI projects, including those related to gas monetisation, exploitation of difficult oil (heavy oil, oil sands, etc.), and in order to strengthen its position in the Middle East and its national oil company client base, in 2006 Saipem has acquired and in 2008 has incorporated Snamprogetti.
In 2008, Saipem was included in Global 100 - Most Sustainable Corporations in the World.
Saipem operates a unit in Nigeria. In 2010, Saipem agreed to pay a penalty of US$30 million to settle a Nigerian investigation into a bribery case involving the construction of Nigeria LNG facilities. Saipem is also under trial in Italy over charges relating to the same case.