Saipem, U.S. Rig Count: Your Daily Energy News

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Energy Market highlights gathered by Industrial Info and IIR Energy

PRODUCTION
U.S. Drillers Add Rigs - The U.S. oil and gas rig count rose seven to 670 in the week ending March 25, its highest since March 2020, energy services firm Baker Hughes Company (NYSE:BKR) (Houston, Texas) said. U.S. oil rigs rose seven to 531, their highest since April 2020, while gas rigs were unchanged at 137. (Reuters)

LNG
U.S. to Work to Supply More LNG to Europe - The U.S. will work to supply 15 billion cubic meters of liquefied natural gas (LNG) to the European Union (EU) this year to help it wean off Russian energy supplies, the transatlantic partners said on Friday. The EU is aiming to cut its dependency on Russian gas by two-thirds this year and end all Russian fossil fuel imports by 2027 due to Russia's invasion of Ukraine. (Reuters)

CORPORATE
Reuters: Italy's Saipem to Launch Cash Call and Sell Assets in Rescue Plan - Italy's Saipem (San Donato Milanese, Italy) will launch a 2 billion-euro ($2.2 billion) capital increase this year and sell assets to help fund a turnaround plan to bring the troubled energy services group back into the black. The company stunned investors in January when it downgraded earnings by a billion euros due to a significant deterioration of margins on contracts including offshore wind. Controlled by energy group Eni (NYSE:E) (Rome, Italy) and state lender CDP, Saipem said on Friday its two core investors and banks would advance 1.5 billion euros of the capital increase, confirming what sources told Reuters last week. (Reuters)

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Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.

About Industrial Info
Industrial Info Resources (IIR) is the world's leading provider of market intelligence across the upstream, midstream and downstream energy markets and all other major industrial markets. IIR's Global Market Intelligence Platform (GMI) supports our end-users across their core businesses, and helps them connect trends across multiple markets with access to real, qualified and validated project opportunities. Follow IIR on: LinkedIn.