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

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6th Offshore Well Intervention Conference Gulf of Mexico

The Offshore Well Intervention Gulf of Mexico conference (OWI GOM) is returning to Houston, Texas for its sixth year on Wednesday 20 – Thursday 21 November.

Featuring Anadarko, BP, Shell, Chevron, BHGE and Oceaneering, the conference aims to help operators transition to the latest compliance updates, WI systems and business models that enhance safety, quicken well access and improve commerciality.

Across two days, more than 200 delegates, 15 exhibitors and 30 speakers will network together and create solutions to some of the most pertinent industry challenges right now, through a conference programme focused on:

  1. Clarifying compliance updates
  2. Quicker well access and safer well control
  3. ​Understanding HPHT well intervention (systems)
  4. Forecasting well intervention activity, discussing new commercial models and comparing platform options
  5. Best practice riserless well intervention
  6. ​The latest well intervention equipment

For registration, speaking or sponsorship enquiries contact Abigail Clifton on aclifton@offsnet.com; +44 (0) 203 793 8800.

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