Saipem Slips into Red on 15 Pct Lower Revenues

Italian oilfield services player Saipem has reported loss in the first quarter of 2018 of €2 million ($2.4 million), on revenues of €1.91 billion ($2.32 billion).

This result compares to profit of €47 million ($57.2 million) on revenues of €2.23 billion ($2.71 billion).

Revenues fell some 15 per cent year-over-year.

Adjusted result was net profit of €11 million (€54 million in the first quarter of 2017) with reorganization expenses of €13 million.

Operating profit (EBIT) was €87 million, versus €112 million in the first quarter of 2017.

In the first quarter 2018, Saipem secured new contracts worth €1 billion, and reported backlog of €11.5 billion (€12.4 billion in Q1 2017). According to the company, €4.8 billion is expected to be realized in this year.

Saipem’s offshore engineering & construction division generated backlog at March 31, 2018 of 4 billion, of which €2,1 billion is to be realized in 2018.

The company’s net debt decreased since December 31, 2017 by €96 million and stands at €1.2 billion.

For 2018, Saipem said it expects revenues of approximately €8 billion, with capex at some €500 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 aclifton@offsnet.com; +44 (0) 203 793 8800.

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