Saipem's drilling and E&C offshore divisions benefit from the same Middle East and offshore capex super-cycle but trade at a steep discount to US peers due to historical execution issues. New management team has restored balance sheet and order book quality is at multi-year highs. Saudi Aramco and ADNOC awards anchor backlog through 2028. Successful execution would close the valuation gap meaningfully.
Thesis reviewed May 29, 2026
Saipem S.p.A. is headquartered in Italy, which is currently showing moderate signals.
🇮🇹Italy66NEUTRALView Italy risk detail →⚡Energy77REDUCE| Ticker | Company | Score | Gap | Signal Δ | Action |
|---|---|---|---|---|---|
| PTR | PetroChina Company Limited | 72 | +8% | ↓60% | NEUTRAL |
| OVV | Ovintiv Inc. | 72 | +14% | ↓60% | WATCH |
| OXY | Occidental Petroleum Corporation | 72 | +8% | ↓60% | NEUTRAL |
| CVE | Cenovus Energy Inc. | 72 | +17% | ↓60% | WATCH |
| FTI | TechnipFMC plc | 72 | +20% | ↓60% | WATCH |
| TTE | TotalEnergies SE | 72 | +10% | ↓60% | WATCH |
| SU | Suncor Energy Inc. | 72 | +14% | ↓60% | WATCH |
Investors who hold SPM may also have indirect exposure through these country funds.
Saipem awarded $4.5B Aramco offshore EPC
Saipem leverage falls below 1x net debt/EBITDA