Baku – APA-Economics. Moody's Investors Service, ("Moody's") has today assigned a Ba1-PD Probability of Default Rating (PDR) to Saipem S.p.A.. Concurrently, the rating agency has assigned a (P)Ba1 rating to the new EUR2.0 billion medium term note (MTN) programme of Saipem S.p.A.. The outlook on the ratings is stable.
Moody's considers Saipem's liquidity to be good despite significant working capital swings over the last few years. Moody's expects the company to generate free cash flow in 2016 of a few hundred million euros and it does not expect Saipem to pay any dividends.
Trans Adriatic Pipeline AG (TAP) has awarded to Saipem SpA the contract for Engineering, Procurement, Construction and Installation (EPCI) for the offshore section of the project. TAP’s 36-inch offshore pipeline across the Adriatic Sea – between the coastlines of Albania and southern Italy – will be approximately 105 km in length, down to approximately 820 meters below sea level at the deepest.
The EPCI scope comprises associated civil works at the landfalls in both Albania and Italy (including micro tunnel), offshore pipeline installation, offshore fiber optic cable supply and installation, as well as pre-commissioning and survey activities. The coated offshore 36-inch line pipes, the anodes and the buckle arrestors will be provided by TAP.
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