Italian oilfield services player has reported net loss of €110 million for the first six months ended June 30, 2017, against profit of €53 million in the first half of 2016.

Adjusted net profit was €92 million, versus €140 million in 1H 2016. For the second quarter 2017 net loss was €157 million, compared to a profit of €54 million in the previous quarter.

Revenues for the 1H 2017 were down, amounting to €4.6 billion, compared to €5.27 billion in the corresponding period in 2016. Quarterly revenues came at €2.32 billion.

Saipem has now lowered its guidance for 2017, with revenues estimated at approximately €9.5 billion, and adjusted net profit of approximately €200 million.

Saipem secured new contracts worth €2.1 billion (€3.3 billion), and reported backlog of €11.7 billion (€14.2 billion).

The company’s net debt at June 30, 2017 stood at €1,5 billion against €1,6 billion at March 31, 2016.

Stefano Cao, Saipem CEO, said: “Despite the persistence of a difficult market context, the company has good visibility for significant order acquisitions in the near future.”

Subsea World News Staff