Saipem First to Call Drop in Aramco Orders Over Oil Expansion Plan Scrapping

Italy’s Saipem oilfield services company said on Thursday that it was anticipating a 20% fall in orders from Aramco as a result of the Saudi oil giant’s orders from on high in late January to scrap plans for expanding capacity, Reuters reported.  In 2020, Saipem signed a 12-year-deal with Saudi Aramco, and has averaged over $1.6 billion in engineering and construction projects for Aramco between 2021 and 2023, according to Reuters.  "(Saipem's) new business plan already includes a 20% cut in orders from Saudi Arabia compared…