EARLYThesis forming — early stage, needs conviction
Investment Thesis
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.