LNG sanctioning momentum continues with Port Arthur FID this week Following FID on Venture Global''s Plaquemines LNG Ph.2 project last week, sanctioning momentum continued this week with Sempra''s 13mtpa Port Arthur FID taking YTD capacity additions to c20mtpa compared to c28mtpa in the whole of 2022. We continue to see the potential for record LNG sanctions this year, above 2019''s 70mtpa of additions, with a high levels of offtake agreements signed on developer-led projects in the US and strategic equity projects in the Middle East (NFS and Fujairah) and Southern Africa (Rovuma, Coral FLNG 2) nearing the decision phase. In other project news: Saipem has emerged as the frontrunner for a c$1bn EPCI contract for Petrobras (TiPT) according to industry news sources, while Subsea 7 and LandT have reportedly been selected by Aramco for three brownfield workscopes offshore Saudi Arabia. Petrobras has floated another flexibles tender (FTI relevant) and Harbour Energy and partners have finally submitted a development plan for Zama offshore Mexico. Elsewhere, the Browse project partners are close to entering the FEED stage on the giant gas development offshore Australia, with TechnipFMC, Subsea 7/SLB and Saipem likely to compete for multiple engineering contracts on the much-delayed project. We have upgraded Saipem to O/P from Neutral in a new report this week with EUR1.90 TP In case you missed it on Wednesday, we published a new report upgrading Saipem to Outperform from Neutral (EUR1.90 TP, c50% upside) on the back of the recent oil/market sell-off, with the stock down c20% since the beginning of March SAIPEM: De-risking, deleveraging, delivering. A robust updated medium-term business plan, greater risk management controls/bidding governance rules and exposure to spending ''hot spots'' underpin our positive view. Cross-sector research: EU response to IRA -Technip Energies (+) our preferred OFS pick For EU OFS, the main benefit of the EU''s response to the...