Saipem, the Italian energy services giant, is currently positioning itself for a major return to Venezuela as international sanctions on the country’s energy sector begin to ease.
CEO Alessandro Puliti announced on February 25, 2026, that the company is “ready to return” for both onshore and offshore projects as soon as client demand emerges.
This strategic pivot follows the relaxation of U.S. energy sanctions, which has allowed global companies to once again negotiate contracts and bring investment into the OPEC member nation.
Saipem has a significant historical footprint in Venezuela and is looking to leverage its past experience to secure new orders as part of its robust 2026 intake strategy.
The potential return to Venezuela aligns with Saipem’s broader focus on deep-water operations and expanding its backlog, which currently stands at approximately €30 billion.
Alongside these regional updates, Saipem expects to complete its merger with Subsea7 in the second half of 2026.
Saipem remains under the joint control of Eni S.p.A. and CDP Equity S.p.A..
The company has projected adjusted core earnings to rise to roughly €1.9 billion ($2.2 billion) for 2026, up from €1.7 billion in the previous year.
