Red Ink for Saipem

Stefano Cao, Saipem CEO

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

Share this article

Follow Subsea World News

Events>

<< Jan 2018 >>
MTWTFSS
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 31 1 2 3 4

Subsea Expo 2018

The largest wholly-focused subsea event in Europe, Subsea Expo is organised by industry body Subsea UK…

read more >

8th Myanmar Oil, Gas & Power Summit

The Myanmar Oil and Gas Summit is the longest established Oil & Gas event in Myanmar. Every year the event is attended by government…

read more >

European Gas Conference 2018

The European Gas Conference celebrated its tenth anniversary amid an air of increasing optimism following considerably shifting markets in the last few years…

read more >

SPE/IADC Middle East Drilling Technology Conference and Exhibition

The theme for this conference is “Building on Today’s Efficiencies for Tomorrow’s Market.” This will be the basis for the technical agenda…

read more >