Scale

An Italian court on Thursday found Saipem guilty on charges of international corruption, confiscating assets worth 24.5 million euros and ordering it to pay fine of 600,000 euros.

The case revolved round a company called Snamprogetti which was accused of paying bribes to Nigerian officials to win contracts between 1994 to 2004.

Snamprogetti was a wholly owned subsidiary of Italian oil and gas group Eni until February 2006 when a deal was reached to sell it to Saipem.

Snamprogetti was merged into Saipem in 2008.  Saipem is 43 percent owned by Eni

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