Saipem: the Court of Milan rejects the claim for compensation promoted in 2015 against the company by 64 investors
San Donato Milanese (Milan), 9 November, 2018 - On 29 April 2015, Saipem S.p.A. informed the market that the company had received a writ of summons before the Court of Milan from 64 investors who claimed compensation for approximately 174 million euro due to damages allegedly incurred in relation to the purchase of Saipem shares in the period from 13 February 2012 to 14 June 2013 .
With a ruling filed today, the Court of Milan has rejected the request of the aforementioned plaintiffs, assisted by Deminor Recovery Services, by noting that they failed in demonstrating their owning of Saipem shares in the aforementioned period. The Court has condemned the plaintiffs to pay 100,000 euro in favor of Saipem as reimbursement of legal expenses.
A description of the litigation is detailed in the "Legal Proceedings" section of the Interim Consolidated Report as of 30 June 2018, available on the Company's Internet website.
Saipem is one of the world leaders in drilling services, as well as in the engineering, procurement, construction and installation of pipelines and complex projects, onshore and offshore, in the oil & gas market. The company has distinctive competences in operations in harsh environments, remote areas and deepwater. Saipem provides a full range of services with “EPC” and “EPCI” contracts (on a “turn-key” basis) and has distinctive capabilities and unique assets with a high technological content.
Website: www.saipem.com
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pdf - 12-2022