Stock up 2.64% (Il Sole 24 Ore Radiocor) - Milan , 10 Jul - Saipem shares were higher in Milan trade following a report the Italian energy and infrastructure engineering and construction company is on the verge of receiving two major contracts from QatarEnergy LNG.

At 0843 GMT, Saipem shares were up 2.64% to 2.29 euros, outperforming the benchmark FTSE MIB index, which was 0.37% higher at 33,989.50 points.

According to the publication Upstream, Saipem is poised to receive two contracts for the development of the North Field Production Sustainability (NFPS) project with a potential value in excess of 3 billion dollars.

Analysts at the broker Intermonte noted that the news, if confirmed, "underscores a strong outlook in the offshore segment." Saipem shares are also gaining as Morgan Stanley and Barclays raise their target prices on the stock to 3.40 euros from 2.75 euros, and to 3.20 euros from 2.90 euros, respectively.

AAA-Hob

(RADIOCOR) 10-07-24 10:49:36 (0230) 5 NNNN