European oil services firms fall as Iran conflict threatens earnings

Technip Energies NV

02/03/2026 15:13

** European oil services firms with Middle East exposure fall in European afternoon trade

** Maire down 5.3%, Saipem down 3.4%, Technip Energies down 2.5%, Vallourec down 1.5%

** Stocks underperform broader energy sector .SXEP, which is up 2.1% as oil price jumps on Middle East conflict

** "Meaningful exposure to the Gulf could affect future volumes/earnings amid regional uncertainty," says Equita about Italy's Saipem, Maire

** Saipem generates 42.6% of revenue in Middle East, according to Barclays

** Technip Energies generates 41.6%, Vallourec generates 17.2%

(Reporting by Samuel Indyk and Danilo Masoni; Editing by Amanda Cooper)