Saipem's Order Backlog Surges with Focus on Carbon Capture Projects

Saipem, the renowned Italian engineering and construction giant, has underscored its pivotal role in the global energy transition with the revelation that over $2 billion of its current order backlog is tied to carbon capture utilization and storage (CCUS) projects. In a recent presentation detailing the company’s second quarter and half-year results, Chief Executive Alessandro Puliti highlighted CCUS as a strategic pillar of Saipem's low-carbon portfolio, reflecting a proactive response to the escalating demand for emissions reduction technologies across the energy sector.

With a goal to link 30% of its overall backlog to low-carbon initiatives in the coming years, Saipem is positioning itself at the forefront of the energy industry's shift towards sustainability. By the end of June, the company’s total consolidated backlog had reached an impressive $31 billion, providing robust financial visibility for the next two years. This backlog growth not only secures a significant portion of the company’s projected revenues for 2025 and 2026 but also offers stability amid the prevailing market volatility.

The expansion of Saipem's backlog can be attributed to two key trends: increased investment in decarbonization projects and a resurgence in upstream exploration and development. The latter has been fueled by higher energy demand and renewed activity in global oil and gas markets. Concurrently, both governments and industry leaders are advocating for large-scale carbon capture solutions to meet ambitious net-zero targets.

In the first half of 2025, Saipem reported new contract awards totaling $4.3 billion, further contributing to the growth of its order book. CCUS projects, in particular, represent a significant share of this expansion, positioning Saipem to capitalize on an area anticipated to scale rapidly over the coming decade. By integrating CCUS into its core business strategy, Saipem aims to establish itself as a leading engineering, procurement, and construction (EPC) contractor for both conventional energy developments and the low-carbon transition, thus ensuring its relevance in an evolving energy landscape.