Saipem Sinks to €2.1 Bln Loss

Saipem has plunged deeper into the red as longer-than-expected market recovery led to massive writedowns and reorganisation costs for the Italian oilfield services player in 2016.

The company has recorded net loss of €2.1 billion for the twelve months of 2016, of which €162 million in the fourth quarter. Full-year result has seen Saipem’s losses widen from €806 million in 2015 on writedowns and reorganisation costs of €2,3 billion.

Adjusted net profit was €226 million, which is lower than previously estimated €250 million.

Revenues for the 2016 were down, amounting to €9.98 billion (€2,1 billion in the fourth quarter), versus €11.5 billion in 2015.

Saipem has kept its guidance for 2017, with revenues estimated at approximately €10 billion, and net profit of more than €200 million.

For the full year, Saipem secured new contracts amounting to €8.4 billion, of which €1.7 billion in Q4 (€6.5 billion for the twelve months of 2015).

The company’s backlog at December 31, 2016 stood at €14.2 billion.

Subsea World News Staff

Share this article

Follow Subsea World News

Events>

<< Jun 2017 >>
MTWTFSS
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 1 2

Oil & Gas Indonesia 2017

Oil & Gas Indonesia (OGI) is an exhibition focused on Oil and Gas Exploration, Production and Refining and showcases the largest exhibition…

read more >

IADC World Drilling 2017 Conference & Exhibition

This event showcases products like Cutting edge, drilling technology, well control, health, safety, environment, training and environment industry…

read more >

OGA 2017

OGA 2017 is the most beneficial way to meet, discuss and acquire the latest in the Oil & Gas industry! It is also;…

read more >

SPE Offshore Europe 2017

Attending SPE Offshore Europe, recognised by offshore E&P professionals as Europe’s leading E&P exhibition and conference, will ensure…

read more >