Saipem Returns to Profit

Italian oilfield services player Saipem has reported first-half 2019 profit of €14 million on revenues of €4.5 billion.

This result compares to net loss of €323 million on revenues of €3.8 billion for prior-year comparable period.

Adjusted result was net profit of €60 million, against €6 million in 1H 2018.

Saipem reported first-half 2019 EBITDA of €574 million (€410 million in 1H 2018) of which €308 million in the second quarter 2019.

New contracts secured in 1H 2019 are valued at €9.5 billion, versus €4 billion same time last year

Reported backlog stands at close to €17.7 billion, against €12.6 billion at December 31, 2018.

Stefano Cao, Saipem CEO, said: “I am satisfied with the positive results recorded in the first half of 2019 despite a scenario that does not yet show clear signs of recovery and, in particular, even if limited, with the fact that we are back to generating profit.”

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; +44 (0) 203 793 8800.

More info

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