Saipem Keeps 2017 Guidance Despite Q1 Profit Drop

Italian oilfield services player has reported net profit of €47 million for the three months ended March 31, 2017, against €61 million in the same quarter last year.

Adjusted net profit was €54 million, versus €61 million in Q1 2016.

Revenues for the Q1 2017 were down, amounting to €2.26 billion, compared to €2.84 billion in the corresponding period in 2016.

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

For the quarter, Saipem secured new contracts worth €509 million, and reported backlog of close to €12.5 billion.

The company’s net debt at March 31, 2017 stood at €1,6 billion against €1,45 billion at December 31, 2016.

Stefano Cao, Saipem CEO, said: “Q1 2017 has been a quarter of reliable delivery, despite markets that remain tough. We continue to reinforce the business and to position Saipem for future opportunities. We have strengthened the capital structure, and our new organisational structure will be fully operational during the second quarter. Conditions are demanding, but our company is on track.”

Subsea World News Staff

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