AfricaItaly s Saipem warns on outlook after Mozambique uncertainty
ReutersStephen Jewkes
3 minutes read
A staff member is seen on the Saipem 10000 deepwater drillship in Genoa s harbour, Italy, November 19, 2015. REUTERS/Alessandro Garofalo/File Photo
Italian energy service group Saipem (SPMI.MI) said it was unable to update its outlook for the year due to uncertainty over a project in Mozambique as it missed first-quarter expectations.
Earlier this week French energy group Total (TOTF.PA) declared force majeure on its $20 billion liquefied natural gas (LNG) project in Mozambique following insurgent attacks. read more Evaluations in close cooperation with the client are underway to preserve the value of the project, Saipem Chief Executive Stefano Cao said on Wednesday, during a conference call on results.