Saipem Returns to Profit

Italian oilfield services player Saipem has reported first-half 2019 profit of €14 million on revenues of €4.5 billion.

This result compares to net loss of €323 million on revenues of €3.8 billion for prior-year comparable period.

Adjusted result was net profit of €60 million, against €6 million in 1H 2018.

Saipem reported first-half 2019 EBITDA of €574 million (€410 million in 1H 2018) of which €308 million in the second quarter 2019.

New contracts secured in 1H 2019 are valued at €9.5 billion, versus €4 billion same time last year

Reported backlog stands at close to €17.7 billion, against €12.6 billion at December 31, 2018.

Stefano Cao, Saipem CEO, said: “I am satisfied with the positive results recorded in the first half of 2019 despite a scenario that does not yet show clear signs of recovery and, in particular, even if limited, with the fact that we are back to generating profit.”

Subsea World News Staff