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Eni Côte dIvoire selects Saipem for $260m offshore drilling project
Article Summary
HOLD- Eni Spa ADR (NYSE: ENI) secured a new offshore drilling contract valued at around $260 million from Eni Côte d'Ivoire, with the deployment of the Santorini drill-ship to conduct development drilling operations off the coast expected to start in early 2027.
- The contract includes the possibility for the vessel to operate in neighbouring countries and covers additional optional periods providing further opportunities for prolonged use, qualifying as a related party transaction since Eni is a subsidiary of Eni which has stakes in several deepwater offshore blocks tied to the Baleine project.
- According to Saipem, the vessel is fitted with advanced digital and automated technologies including NOVOS, a reflexive drilling system designed to automate repetitive activities and improve process consistency and safety, while last month Eni Spa ADR began offshore operations at GranMorgu project in Suriname following arrival and mooring of Normand Navigator construction vessel at Jules Sedney Harbour in Paramaribo.
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Growth Stock Scoring Breakdown
| METRIC | VALUE | WEIGHT | ANALYSIS |
|---|---|---|---|
| Sales Growth TTM ? | -3.1% | 25% | 0.0 ptsDeclining (-3.1%) - NOT a growth stock |
| EPS Growth Next 5Y ? | 13.8% | 25% | 35.0 ptsBelow Screener (13.8%) - Modest outlook |
| Target Price Upside ? | 13.0% | 20% | 50.0 ptsMeets Minimum (13.0%) - Target: $57.70 vs Current: $51.08 |
| Gross Margin % ? | 4.6% | 15% | 10.0 ptsRazor-Thin (4.6%) - Weak pricing power |
| Drawdown from 52-Wk High ? | -11.9% | 15% | 40.0 ptsMild Pullback (-11.9%) - Light entry opportunity |
Disclaimer: This rating is for informational purposes only and is not financial advice.
All data sourced from Finviz.
Always conduct your own research and consult with a financial advisor before making investment decisions.
Past performance does not guarantee future results.
About E
- Eni S.p.A. operates as an integrated energy company in Italy, Other European Union, Rest of Europe, the United States, Asia, Africa, and internationally.
- The company engages in exploration, development, extracting, manufacturing, trading, and marketing crude oil and natural gas, oil-based fuels, chemical products, and gas-fired power, as well as energy products from renewable sources.
- The company operates through Exploration & Production; Global Gas & LNG Portfolio and Power; Refining and Chemicals; Enilive; Plenitude; and Corporate and Other Activities segments.
- The company engages in research, development, and production of oil, condensates, and natural gas.
- It is also involved in the supply and sale of wholesale natural gas through pipelines; electricity; and international transport, and purchase and marketing of liquefied natural gas.
- In addition, the company supplies bio-feedstock and crude oil; and stores, produces, distributes, and markets biofuels, oil products, biomethane, basic chemical and petrochemical products, intermediates, plastics and elastomers, and other chemicals, as well as provides smart mobility solutions and services.
- Further, the company engages in the retail marketing of gas, power, and related services; production and wholesale sale of electricity from renewable plants; and building and managing a network of charging points for electric vehicles.
- Eni S.p.A. was founded in 1953 and is headquartered in Rome, Italy.