Saipem S.p.A. is one of the world’s largest offshore engineering and construction contractors, closing 2025 with a backlog of €31.5 billion and targeting revenue of approximately €15.5 billion in 2026. Headquartered in Milan, Italy, and listed on the Borsa Italiana, Saipem operates across offshore and onshore engineering and construction, subsea installation, and drilling — with a construction fleet that is fully booked through 2026 and a client list that includes QatarEnergy, Saudi Aramco, TotalEnergies, and Equinor.
Saipem Company Overview
Founded in 1957 as part of the Eni Group, Saipem became an independent listed company in 2016 and has since repositioned itself as a technology-driven EPC and services contractor with over 60 years of project execution experience. The company operates in more than 70 countries with a workforce exceeding 30,000 employees, organised across three business segments: Asset Based Services (offshore engineering and construction), Energy Carriers (onshore pipelines and plant construction), and Offshore Drilling.
The 2025 full-year results marked a significant improvement in profitability — adjusted EBITDA reached €1.72 billion, up 29% year-on-year, with the company targeting a further increase to approximately €1.9 billion in 2026. Saipem ended 2025 with a net cash position of €999 million pre-IFRS 16, reflecting strong free cash flow generation and balance sheet recovery following a capital restructuring completed in 2022.
Offshore Engineering & Construction: Core Capabilities
Saipem’s Asset Based Services segment — the largest contributor to revenue and backlog — covers the full range of offshore construction activities. The company owns one of the most capable heavy construction fleets in the industry, including the Castorone pipelay vessel, capable of deepwater S-lay operations; the FDS2 (Field Development Ship) for subsea installation; and the Saipem 7000, a semi-submersible crane vessel with a 14,000-tonne lift capacity.
This fleet capability underpins Saipem’s position on major offshore LNG, oil, and gas infrastructure projects globally. In Q4 2025, QatarEnergy LNG awarded Saipem the COMP5 package — a contract worth approximately $3.1 billion covering engineering, procurement, fabrication, and installation of two offshore compression complexes for the North Field expansion. The contract is among the largest single offshore awards in Saipem’s recent history and sits within a backlog where 70% of contracts were secured in 2024-2025 at improved pricing and margin terms. The scale of LNG infrastructure investment driving contracts of this kind is covered in our analysis of the 2026 LNG storage infrastructure build-out.
Key Projects & Contract Wins 2025–2026
Beyond the QatarEnergy LNG compression award, Saipem’s recent contract portfolio includes approximately $600 million from Saudi Aramco for EPCI work on pipelines and subsea interventions across the Berri, Abu Safah, and Marjan fields, plus an additional offshore contract release in February 2026 under Saipem’s Long-Term Agreement with Aramco. A further $425 million contract was awarded by Turkish Petroleum for pipeline infrastructure connecting newly discovered natural gas reserves in the Sakarya project in the Black Sea.
Saipem’s established project portfolio also includes the Coral South FLNG facility offshore Mozambique — one of the world’s first floating LNG production vessels — and subsea pipeline work on the Qatar North Field East expansion. The company’s involvement in the Dogger Bank offshore wind farm in the UK reflects its growing exposure to renewable energy infrastructure alongside conventional hydrocarbon work.
Energy Carriers: Onshore Pipeline & Plant Construction
The Energy Carriers segment covers onshore pipeline construction, gas processing plants, petrochemical facilities, and decarbonisation infrastructure. Saipem has delivered major onshore pipeline projects across the Middle East, Central Asia, and Africa — markets where large-diameter pipeline construction remains a core demand driver as national oil companies expand domestic gas networks and export infrastructure.
The segment is also where Saipem is building its carbon capture and storage (CCS) and hydrogen infrastructure capability. The company is developing proprietary CCS engineering solutions that leverage its offshore subsea experience — CO₂ transport by pipeline and injection into offshore geological formations draws directly on the same technical disciplines as subsea oil and gas infrastructure. The broader EPC contractor landscape for energy transition projects is covered in our roundup of the top engineering and construction companies powering Europe’s energy transition.
Saipem in the Global EPC Market
Saipem competes directly with McDermott International, Subsea7, TechnipFMC, and Allseas in the offshore construction market. Its scale in pipelaying and heavy-lift offshore construction — combined with a fully booked fleet — gives it pricing power in a market where vessel availability has tightened as offshore spending has recovered from the 2020-2022 downturn.
The company’s 2026 guidance of approximately 90% revenue coverage from existing backlog provides exceptional forward visibility — a key differentiator for a capital-intensive contractor operating in markets where project timing and client FID decisions can shift materially. For context on how Saipem sits within the global EPC contractor competitive set, see our guide to the top tank and terminal EPC companies in North America.
Saipem Company Snapshot
| Founded | 1957 |
|---|---|
| Headquarters | Milan, Italy |
| Stock Exchange | Borsa Italiana (FTSE MIB) |
| 2025 Revenue | ~€15.5 billion |
| 2025 Adjusted EBITDA | €1.72 billion |
| Backlog (Dec 2025) | €31.5 billion |
| Employees | ~30,000+ |
| Countries of Operation | 70+ |
| Key Segments | Asset Based Services, Energy Carriers, Offshore Drilling |
| Key Clients | QatarEnergy, Saudi Aramco, TotalEnergies, Equinor, Eni |
What does Saipem do?
Saipem is a global engineering and construction contractor specialising in offshore and onshore energy infrastructure. Its core activities include subsea pipeline installation, offshore platform construction, heavy-lift marine operations, onshore pipeline and plant construction, and offshore drilling. The company operates in over 70 countries and serves major national and international oil companies.
What is Saipem’s backlog in 2026?
Saipem closed 2025 with a backlog of approximately €31.5 billion, providing strong revenue visibility for 2026 and beyond. The company is targeting revenue of around €15.5 billion in 2026, with approximately 90% of that covered by contracts already in place. Around 70% of the current backlog was secured in 2024-2025 at improved pricing terms.
What are Saipem’s biggest recent contract wins?
Key recent awards include a $3.1 billion contract from QatarEnergy LNG for offshore compression complexes on the North Field expansion, approximately $600 million from Saudi Aramco for EPCI work across the Berri, Abu Safah, and Marjan fields, and $425 million from Turkish Petroleum for Black Sea gas pipeline infrastructure. An additional Aramco contract release was announced in February 2026.
Who owns Saipem?
Saipem is a publicly listed independent company traded on the Borsa Italiana as part of the FTSE MIB index. It was originally part of the Eni Group but became fully independent in 2016. Its major shareholders include institutional investors; Eni retains a minority stake.
How does Saipem compare to its competitors?
Saipem competes with McDermott International, Subsea7, TechnipFMC, and Allseas in the offshore construction and subsea installation market. Its scale in heavy-lift marine operations and pipelaying — combined with a fully booked construction fleet through 2026 — positions it among the top three global offshore EPC contractors by backlog and fleet capability.