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BUZZ-Eni Q2 to feel Saipem cold wind

Reuters - UK Focus

** Eni (NYSE: E - news) 's Q2 results on Thursday will be impacted by heavy operating and net losses posted at its troubled oil contractor subsidiary Saipem (Other OTC: SAPMY - news) , analysts said

** On Tuesday Saipem, 43 percent Eni-owned, reported an adjusted operating loss in the quarter of 738 million euros and a net loss of 997 million euros after writedowns

** "The Eni estimates have not been updated after Saipem's results and concern is rising they could impact the major's results tomorrow, especially EBIT," one Milan broker said

** At the net level any impact depends on tax issues and how writedowns are accounted, a second Milan broker said

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** Eni shares last down 1 pct while the European oil and gas index was up 1 pct, Saipem's 7.5 pct decline made it the biggest decliner on the STOXX 600

** Market consensus for Eni sees an adj. Q2 EBIT of around 1.5 billion euros and an adj. net profit of 470 million euros

** Eni, which cut its dividend earlier this year, is planning to sell down its 43 pct stake in Saipem (Amsterdam: QG6.AS - news) (stephen.jewkes@thomsonreuters.com)