Saipem and Havfram are exploring the potential to create an integrated offering for the development and construction of offshore wind farms.
The two companies, alongside HVAS Invest Kappa – a holding company controlled by HitecVision – announced the signing of a non-binding agreement on Monday.
In a statement they said they would look to develop a wider value proposition by integrating a range of their existing construction and operational services in the offshore sector.
A cooperation between the HitecVision-controlled Havfram and Saipem would build upon Havfram’s offshore installation expertise and Saipem’s offshore wind EPCI nous and construction assets.
Saipem said the potential tie-up would support its 2022-25 strategic plans, which aims at strengthening its offshore wind offering and identifying new models for execution and management. It will also help provide work for a new generation of installation assets, such as jackups.
Meanwhile, Havfram’s said it would support its goals of accelerating growth in its EPCI and service- offerings in offshore wind.
The companies will now set up a joint team to study and develop the technical, organisational, and financial aspects of any possible collaboration.
If successful, a more detailed definition of the business model and a final agreement would be signed by late Q3 2022.
Milan-headquartered Saipem is currently working on plans for a €2 billion capital increase and asset sell-off, in a bid to reverse its fortunes after a shock plummet in earnings earlier this year.
In January the company issued a profit warning and said its accounts for 2021 were expected to show a loss of more than one-third of the company’s equity.
Saipem blamed rising supply chain costs and poor project margins in offshore wind and onshore construction.
Its woes were exacerbated by the failure of a block wire during testing on board the Saipem 7000 crane vessel in April, although an investigation in the wake of the incident reportedly found no “significant structural damage”.
Recommended for you
