Saipem Posts Wider 1H Loss, Maintains 2018 Guidance

Italian oilfield services player Saipem has reported loss in the first half of 2018 of €323 million ($377.5 million), on revenues of €3.8 billion ($4.4 billion).

This result compares to net loss of €110 million ($128.6 million) on revenues of €4.6 billion ($5.4 billion) for the first six months of 2017.

For the second quarter 2018, Saipem booked net loss of €321 million ($375 million) with net of write-downs and reorganization expenses of €316 million ($369 million).

Adjusted result was net profit of €6 million, against €92 million in the first half of 2017, with loss of €5 million in the second quarter.

Revenues in the Q2 2018 were close to €1.9 billion ($2.2 billion), while 1H 2018 revenues fell some 17 percent compared to last year result.

In the first half 2018, Saipem secured new contracts worth close to €4 billion, versus €2 billion in 1H 2017, and reported backlog of €12.6 billion (€12.4 billion in 1H 2017).

The company’s net debt increased since December 31, 2017 from €1.29 billion at €1.32 billion.

For 2018, Saipem confirmed its previous guidance with revenues of approximately €8 billion, capex at some €500 million and net debt at €1.3 billion.

Subsea World News Staff

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