Oil and gas contractor Saipem
is to shed 800 jobs under a new business plan, the ENI-owned
company said Tuesday. It said the plan would split the company
into five divisions by 2010. Saipem also said it had a
nine-month loss of 1.9 billion euros. The company is a
subsidiary of Italian energy group ENI, which owns approximately
30% of Saipem's shares.
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