Saipem poised to return in Venezuela after U.S. sanctions easing

Core Viewpoint - Saipem is preparing to resume operations in Venezuela following the easing of U.S. sanctions, anticipating demand from oil majors later in the year [1] Group 1: Saipem's Operations in Venezuela - Saipem's CEO, Alessandro Puliti, indicated that the company is ready to return to Venezuela as soon as there is client demand [1] - The easing of U.S. sanctions allows global energy companies to operate in Venezuela, with Saipem expecting contracts from both international and U.S. oil companies [1] - Currently, Saipem has not received any requests for tenders or engineering studies but expects these to materialize later in the year [1] Group 2: U.S. Sanctions and Market Context - The U.S. relaxed sanctions on Venezuela's energy sector earlier this month, issuing general licenses for companies like Chevron, BP, Eni, Shell, and Repsol to operate and negotiate contracts [1] - Venezuela possesses vast oil reserves, but the energy infrastructure is in a dilapidated state, posing challenges for major companies and contractors [1] Group 3: Other Projects and Financial Outlook - In Mozambique, Saipem is collaborating with TotalEnergies on a $20 billion liquefied natural gas project, reviewing orders after a long suspension [1] - Saipem expects its adjusted core earnings to rise to approximately €1.9 billion ($2.2 billion) in 2025, up from €1.7 billion [1]