Saipem Back in Black

Italian oilfield services player Saipem has reported third-quarter 2019 profit of €30 million on revenues of €2.23 billion.

This result compares to net loss of €34 million on revenues of €2.26 billion in the prior-year comparable period.

Adjusted result was net profit of €31 million, against €11 million profit in Q3 2018.

Saipem reported Q3 2019 EBITDA of €292 million (€232 million in Q3 2018) of which €866 million in the first nine months of 2019.

New contracts secured in Q3 2019 are valued at €4.4 billion, versus €2.1 billion same time last year.

Reported backlog stands at close to €19.8 billion, against €12.6 billion at December 31, 2018.

For the nine months of 2019, Saipem generated profit of €44 million on revenues of €6.7 billion, versus net loss of €357 million on revenue of €6 billion in the corresponding period in 2018.

Stefano Cao, Saipem CEO, said: “I am particularly satisfied with the positive trend in all indicators resulting from the comprehensive and effective economic and financial rebalancing work carried out over the last few years. As demonstrated by the record-breaking award of new contracts in the first nine months of the year shows, the company holds a leadership position in the market, particularly in those segments most closely linked with the energy transition. The forthcoming challenges will see us engaged in the improvement of our positioning in the specific market segments and in the identification and pursuit of strategies that will allow us to consolidate and confirm our leadership.”

Subsea World News Staff

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