LNG

Oct 28 (LNGJ) - Italian energy company Eni is continuing with efforts to offload engineering contractor Saipem whose most recent LNG work was building processing facilities in Algeria. Eni has arranged the sale of 12.5 percent of Saipem to an Italian state fund, leaving it with just over 30 percent. Saipem has also launched a rights issue to raise 3.5 billion euros ($3.9Bln) of fresh capital to help it through the severe downturn in energy services. "The transaction marks a significant step in Eni's transformation strategy," said Chief Executive Claudio Descalzi. "It enables us to focus on our core activities and to enhance our financial flexibility," he added.