Italy's oilfield equipment specialist SAIPEM (part of ENI group) has signed an exclusive agreement with France's BOUYGUES CONSTRUCTION to buy up 51% of its subsidiary BOUYGUES OFFSHORE. At EUR 60 a share, SAIPEM's bid will be followed by a public offering for the remaining 49% of BOUYGUES OFFSHORE, valuing the company at EUR 1.02 bn and leading to the formation of a new heavyweight in the petrochemicals services sector with an annual turnover of EUR 3 bn.