Saipem: Joining the Saipem vessel puzzle dots

Research evidence excerpt

Saipem: Joining the Saipem vessel puzzle dots

Equity Research

European Energy Services

1 July 2026

Saipem

Joining the Saipem vessel puzzle

dots

One of the Heavy Load carriers that we have been tracking, SPMI.MI/SPM IM EQUAL WEIGHT

with the potential that it may be carrying the critical modules European Energy Services POSITIVE

for Saipem’s Qatari work, appears to be attempting a Price Target EUR 5.00

Price (30-Jun-26) EUR 4.41

crossing. Additionally, the company’s own key vessel for the Potential Upside/Downside +13.4%

project has also moved into the country. Source: Bloomberg, Barclays Research

European Energy ServicesIn our recent note on the onshore E&C sector we noted that while Q2 results are likely to

Mick Pickup

be impacted by the protracted nature of the closure of the Strait of Hormuz, new orders

+44 (0)20 3134 6695

were flowing from the region (see Work flowing, despite the blockage 15 June 26). With mick.pickup@barclays.com

that note, we highlighted three Heavy Load carriers that had originated in yards in China, Barclays, UK

destined for the Arabian Gulf, but had held up outside of the crossing. The company has

Pratik Kadam

made no comment on the intention/purpose of the vessels, and the precise cargo is

+91 (0)22 6175 2301

therefore unknown, but in that note we discussed the potential that they may be carrying pratik.kadam@barclays.com

the heavy topside and jackets for Saipem's projects in Qatar. Today, one of those vessels Barclays, UK

appears to be attempting a crossing, having set its destination again as Ras Laffan, and is

heading North towards Iranian waters. We note also that the Saipem 3000 crane vessel

has also left Saudi waters and moved to Qatar over the last week. Without confirmation