Saipem, has seen its loss grow some 250 per cent in 2015 when compared to prior-year result.

Namely, the Italian oilfield services player, has recorded net loss of €806 million for the year 2015 and widened the loss of €230 million in 2014 by some €576 million ($635 million).

The company posted earnings for the fourth quarter of 2015 of €64 million, up from a €442 million loss a year earlier.

Revenues for the twelve months of 2015 were down, amounting to €11.50 billion, a decrease of 10.6% on the revenues of 2014 (€12,87 billion).

In 2015 Saipem secured new contracts amounting to €6,515 million, of which €1,158 million in Q4 (€2,983 million in Q4 2014).

Saipem’s backlog at December 31, 2015 stood at €15.84 billion, of which E&C offshore contracts in excess of €7.5 billion. According to the company, €8.1 billion is due to be realised in 2016.

The company said it expects to achieve revenues of approximately €11 billion for 2016. EBIT is expected to be in excess of €600 million and net profit about €300 million.

Subsea World News Staff