Italy: Saipem Merger to Become Effective January 2012

Italy: Saipem Merger to Become Effective January 2012

Saipem announces that the merger agreement incorporating Saipem Energy Services into Saipem S.p.A. has been filed at the relevant business register.

Saipem Energy Services offers engineering and project management services in addition to FPSO (Floating, Production Storage and Offloading) business management services.  The merger’s purpose is to rationalise the holding structure of Saipem’s Italian Group Companies, through the integration of Saipem Energy Services’ offshore competencies into Saipem’s Engineering and Construction Business Unit, maximising all possible industrial synergies and providing financial and operational benefits.

Saipem S.p.A. holds 100% of the share capital of the company to be merged, which allows for the application of the streamlined merger procedure provided for by art. 2505 of the Italian Civil Code and By-laws of both companies, in accordance with which the merger is to be approved by the companies’ respective Boards of Directors.

From a legal, accounting and fiscal standpoint, the merger will be effective from January 1, 2012.

Saipem is organised into two Business Units: Engineering & Construction and Drilling, with a strong bias towards oil & gas related activities in remote areas and deepwater. Saipem is a leader in the provision of engineering, procurement, project management and construction services with distinctive capabilities in the design and execution of large-scale offshore and onshore projects, and technological competences such as gas monetisation and heavy oil exploitation.

Source: Saipem, November 4, 2011