Saipem Cuts Deficit; Full-Year Guidance Misses Expectations

Italian oilfield services player Saipem has reported loss in the year 2017 of €328 million ($406 million), on revenues of €9 billion, versus loss of some €2 billion (2.5 billion) in 2016, on major asset write-downs that year and revenues of €10 billion.

At the end of Q3 2017, Saipem maintained its guidance for 2017, with revenues estimated at approximately €9.5 billion, and adjusted net profit of approximately €200 million. However, the company’s adjusted net profit fell to €46 million, missing Saipem’s predictions.

Adjusted net loss in the fourth quarter was €105 million, while net loss was €271 million.

Compared to 2016 when Saipem booked write-downs and reorganization and tax expenses of €2.3 billion, for 2017 the company recognized €374 million in these charges.

In the fourth quarter 2017, Saipem secured new contracts worth €2.7 billion, and reported backlog of €12.3 billion (€14.2 billion). Year-to-date contracts came at €7.4 billion (€8.3 billion).

The company’s net debt decreased since December 31, 2016 by €154 million and stands at €1,29 billion.

Saipem said it expects revenues of approximately €8 billion, with capex at some €300 million.

Subsea World News Staff

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6th Offshore Well Intervention Conference Gulf of Mexico

The Offshore Well Intervention Gulf of Mexico conference (OWI GOM) is returning to Houston, Texas for its sixth year on Wednesday 20 – Thursday 21 November.

Featuring Anadarko, BP, Shell, Chevron, BHGE and Oceaneering, the conference aims to help operators transition to the latest compliance updates, WI systems and business models that enhance safety, quicken well access and improve commerciality.

Across two days, more than 200 delegates, 15 exhibitors and 30 speakers will network together and create solutions to some of the most pertinent industry challenges right now, through a conference programme focused on:

  1. Clarifying compliance updates
  2. Quicker well access and safer well control
  3. ​Understanding HPHT well intervention (systems)
  4. Forecasting well intervention activity, discussing new commercial models and comparing platform options
  5. Best practice riserless well intervention
  6. ​The latest well intervention equipment

For registration, speaking or sponsorship enquiries contact Abigail Clifton on; +44 (0) 203 793 8800.

More info

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