Saipem Takeaways from Italian Energy Investor Tour Meetings with CEO Alessandro Puliti and CFO Paolo Calcagnini

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Saipem Takeaways from Italian Energy Investor Tour Meetings with CEO Alessandro Puliti and CFO Paolo Calcagnini

J P M O R G A N Europe Equity Research

16 June 2026

Saipem Overweight

SPMI.MI, SPM IM

Takeaways from Italian Energy Investor Tour Meetings Price (15 Jun 26):€4.82

with CEO Alessandro Puliti and CFO Paolo Calcagnini

European Oil & Gas

Last week, we met with Saipem’s CEO Alessandro Puliti, CFO Paolo Calcagnini, Alejandra Magana AC

and Head of IR Alberto Goretti as part of our Italian Energy Investor Tour. We came (44-20) 3493-8031

away incrementally more constructive: near-term Strait of Hormuz (SoH) risk alejandra.x.magana@jpmchase.com

appears less severe and more manageable than headline ME exposure (~40% of J.P. Morgan Securities plc

backlog) implies, while the margin expansion narrative remains intact with Specialist Sales contact details:

additional runway left. Commercially, the opportunity set continues to look robust,

Ian Mitchell - Specialist Sales -

with Namibia emerging as a meaningful new deepwater basin that should further European Energy

tighten industry capacity, alongside sustained momentum across core deepwater (44-20) 7134-1356

provinces (e.g., South America/Guyana and West Africa) and incremental repair/ ian.e.mitchell@jpmorgan.com

assessment work opportunities in the Gulf linked to recent conflict-related

damage. Finally, relative to Saipem’s 1Q framing of a late-May to July “critical

window” for more meaningful disruption (and potential FY26 phasing risk), we

left more comfortable that contractual contingencies, active logistical

workarounds, and close coordination around SoH transit windows provide some

cushion. On the pending Subsea7 deal, management struck a constructive tone.