Saipem plans renewables push as oil clients keep lid on spending

The Italian oil-services provider, which builds projects for the fossil-fuel industry, says it may get more than half its work from clean-energy clients in a decade. That reflects a persistent lack of oil-company investment in the wake of crude’s crash, and a boom in renewables.

“In 10 years, green energy could account for 50, 60% of our portfolio compared with about 10 to 15% today,” CEO Stefano Cao said in an interview in Rome. “We are particularly interested in offshore renewables, in particular in France.”

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