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

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