Saipem Swings to Quarterly Profit, Cuts Nine-Months Deficit

Italian oilfield services player Saipem has reported profit of €53 million, on revenues of €2.28 billion, versus loss of close to €2 billion in the third quarter of 2016 on major asset write-downs and revenues of €2.61 billion.

For the first nine months ended September 30, 2017, Saipem booked loss of €57 against loss of €1.92 billion in the first nine months of 2016, which were resulted mainly by the above mentioned write-down of assets.

Adjusted nine-months 2017 net profit was €150 million, versus €200 million in the first nine months of 2016.

Revenues for the nine months of 2017 were down almost 13 percent, amounting to €6.87 billion, compared to €7.88 billion in the corresponding period in 2016.

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

In the third quarter 2017, Saipem secured new contracts worth €2.6 billion (€3.3 billion), and reported backlog of €12 billion (€14.2 billion). Year-to-date contracts came at €4.7 billion (€6.6 billion).

The company’s net debt decreased since June 30, 2017 by €149 million and stands at €1,35 billion.

Stefano Cao, Saipem CEO, said: “Despite the persistence of a challenging market context, Saipem’s performance in the first nine months of 2017 was solid from both an operational and management point of view, enabling the company to confirm the guidance for 2017.”

Subsea World News Staff

Share this article

Follow Subsea World News

Events>

<< Sep 2018 >>
MTWTFSS
27 28 29 30 31 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

1ST NORWAY PUMPS & PIPES CONFERENCE

The primary goal is to bring together professionals from Energy and Medicine to transfer knowledge and share challenges…

read more >

RIO OIL & GAS 2018

The leading oil and gas event in Latin America is organized every two years by the Brazilian Petroleum, Gas and Biofuels Institute (IBP)…

read more >

Submarine Networks World 2018

In 2018, expect over 600 industry leaders from more than 300 organisations worldwide to gather once again in Singapore…

read more >

RPG 2018

Attending RPG 2018 will benefit international academics, researchers, engineers and consultants working in renewable energy…

read more >