BAKU, Azerbaijan, March 29. Saipem has announced the successful completion of the prepayment of its €387 million loan, initially secured in February 2023 and disclosed to the market on February 13, 2023, and June 21, 2023, Trend reports via the company.
This loan, facilitated by a consortium of Italian and international banks, was backed by SACE, with 70 percent coverage under the "SupportItalia" program.
Following an initial partial prepayment of €150 million in December 2023, Saipem has now settled the remaining outstanding balance of €237 million. The loan terms included a pre-amortization period of 2 years, with repayment structured into 12 quarterly installments commencing on March 31, 2025, and a final maturity set for December 31, 2027.
Utilizing available cash reserves, Saipem's prepayment initiative not only reduces the Saipem Group's gross debt but also lowers the average cost of debt. This strategic move aligns with the financial objectives outlined in Saipem's 2024-2027 Strategic Plan, which was ratified by the Board of Directors on February 28, 2024, and presented to the market on February 29, 2024.
Saipem operates under a unified structure organized into five distinct business lines: Asset Based Services, Energy Carriers, Offshore Wind, Sustainable Infrastructures, and Robotics & Industrialized Solutions. The company's operational assets include 7 fabrication yards, an offshore fleet comprising 21 construction vessels (including 17 owned and 4 managed by third parties on behalf of Saipem), and 15 drilling rigs, of which 9 are company-owned.
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