Saipem, an energy company traditionally focused on oil and gas contracts, sees business opportunities in low-carbon areas such as green ammonia and offshore wind.

Speaking to the press following the publication of its first half results yesterday, CEO Alessandro Puliti stated that the group had recently been awarded a €250 million project for the construction of a large-scale environmentally friendly ammonia storage tank. in northern Europe.

The tank will be part of an energy import terminal where ammonia will be converted into green hydrogen, Puliti said, adding that Saipem expects such contracts to emerge as highly polluting industries aim to decarbonise their operations.

This storage tank contract is very important for us because it is a way to enter a business that we hope will develop more among activities related to green hydrogen,” said Puliti.

Europe intends to promote the production and import of renewable hydrogen – a fuel produced from renewable electricity – with which countries are committed to reducing the use of fossil fuels in industrial processes such as steel production.

Converting green hydrogen to ammonia – turning a highly flammable gas into a liquid – is the easiest way to transport the renewable fuel, he added.

Puliti said the group, which had an order book of 30.5 billion euros at the end of June, also aims to enter offshore wind projects in Italy, a sector in which the country has so far made very slow progress compared to with the Nordic countries.

“We are now ready to work on offshore wind projects in Italy… what do we need to get started? Developers and contracts,” Puliti said.

Yesterday, the group confirmed its forecasts for 2024, after reporting a 36% increase in adjusted core profit to €297 million in the second quarter compared to the same period last year.

Puliti stated that the group is focused on fulfilling its commitment to return to paying dividends in 2025.