Italian engineering and construction giant Saipem has confirmed that more than €2 billion ($2.3 billion) of its current order backlog is tied to carbon capture, utilization and storage (CCUS) projects, underscoring the company’s growing role in the global energy transition.
Chief executive Alessandro Puliti highlighted the figure while presenting the firm’s second-quarter and half-year results, noting that CCUS is one of the strategic pillars of Saipem’s low-carbon portfolio.
The company is targeting 30% of its overall backlog to be linked to low-carbon initiatives in the coming years, reflecting rising demand for emissions-reduction technologies across the energy sector.
At the end of June, Saipem’s total consolidated backlog reached €31 billion ($36.3 billion), providing strong financial visibility for the next two years. According to the company, most of its 2025 and 2026 revenues are already underpinned by secured contracts, offering stability amid ongoing market volatility.
Backlog Growth Driven by CCUS and Upstream Recovery
Saipem’s backlog expansion is the result of a dual trend: accelerating investment in decarbonization projects alongside a recovery in upstream exploration and development.
The latter has been buoyed by higher energy demand and renewed activity in global oil and gas markets, while governments and industry players increasingly push for large-scale carbon capture solutions to align with net zero targets.
Relevant: Canada Bets On Carbon Tech In British Columbia With $5.8M In New Funding
In the first half of 2025, Saipem reported €4.3 billion ($5 billion) in new contract awards, which contributed to the continued growth of its order book.
CCUS projects represent a particularly significant share, giving the company a foothold in an area expected to scale rapidly in the coming decade.
By embedding CCUS within its core business strategy, Saipem aims to position itself as a leading EPC contractor for both conventional energy developments and the low-carbon transition.
Read more: Capsol To Study BECCS Integration At European Biomass CHP Plant
