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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