Saipem has mapped a new strategy for offshore wind to focus on “low risk” projects this year and next, as part of so-called phased approach to the sector.
The low-risk repositioning over 2022 and 2023 will see the order intake fall to €800m from €2.4bn in the company’s old plan.
From 2024, Saipem said it aims to follow a new commercial and execution strategy to catch the full potential of offshore wind.
It targets an order intake of about €2bn in 2024 and 2025, compared with €1.5bn in its previous plan.
The strategy will involve the full ownership of the design phase to mitigate execution risks, while asset investments will be financed through non-consolidated vehicles.
Saipem also plans to partner with local players in developed countries as part of the new strategy, enhance technology ownership and adopt risk-mitigating contractual models.
The new strategy is one of several the company is planning to take in order to drive it back to profitability.
Earlier today, the company confirmed its 2021 results with negative earnings of over €1.1bn.