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Saipem amends credit facility, reduces amount to €1B

Saipem SpA entered into an agreement with 17 national and international banks and amended its revolving credit facility originally signed on Dec. 10, 2015, according to a July 30 release.

The new deal extends the facility's maturity from December 2020 to July 2023 and reduces the amount from €1.5 billion to €1 billion, taking into account an improvement of certain economic conditions and the company's current and prospective liquidity.

The facility will be available during the next five years for general corporate purposes, the release said.

Despite posting a net loss for the first half, the company reported an increase in new contracts.