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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