Saipem stock collapses on the stock market after an accident at a plant in Australia

by time news

The accident occurred on the Castorone ship off the coast of Australian waters during normal pipe laying operations. The incident did not cause any injuries to personnel

Collapse on the stock market of the shares of Saipem, a company founded by Enrico Mattei and operating in the sector of provision of services for the energy and infrastructure sector, which today sold 11.7% to Piazza Affari. The stock was probably affected by an accident in Woodside’s Scarborough pipeline in Australia and a Morgan Stanley report according to which the Saudi Arabian government has opted for Saudi Aramco to maintain maximum oil production capacity at 12 million barrels per day, reversing the 2020 directive that called for an increase to 13 million.

The accident

The accident occurred on the Castorone pipelaying vessel off Australian waters during normal pipelaying operations. The incident did not cause any injuries to staff, but there was localized damage to the trunkline which will be repaired. The Castorone ship did not suffer serious damage. The company confirmed the accident in a statement, specifying that “the health and safety of our personnel, the environment and our assets is an absolute priority for Saipem”.

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He reports

As far as the report is concerned, the move by the Saudi Arabian government would be some sort of recognition that the current level of spare capacity is already high enough and that the Saudi government no longer expects demand for its oil reaches the previously expected level. A choice that could particularly penalize Saipem.

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