Italian oilfield services player Saipem has reported first-quarter 2019 profit of €21 million ($23.6 million), on revenues of €2.15 billion ($2.4 billion).

This result compares to net loss of €2 million on revenues of €1.9 billion ($2.13 billion) for prior-year comparable period.

Adjusted result was net profit of €29 million, against €11 million in Q1 2018.

The company recognised write-downs and reorganisation expenses of €8 million in Q1 2019, compared to €13 million in Q1 2018.

Saipem reported quarterly EBITDA of €266 million (€201 million in Q1 2018).

New contracts secured in Q1 2019 are valued at €2.5 billion, versus €1 billion same time last year

Reported backlog stands at close to €13 billion, against €12.6 billion at December 31, 2018, which does not include backlog of joint-venture contracts of €1.8 billion.

Saipem previously said it expects revenues of €9 billion in 2019 and it has not changed its guidance after this quarter.

Stefano Cao, Saipem CEO, said: “The results of the first quarter of 2019 confirm the good operational and managerial performance already recorded in 2018, especially thanks to the strong results of the Offshore Engineering & Construction division. We have received significant new orders that improve our visibility for 2019 despite a market context that still shows no evident signs of recovery.”

Subsea World News Staff