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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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.

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