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2017-10-25 12:05:00

SAIPEM ADJUSTED NET PROFIT: €151 MLN

SAIPEM ADJUSTED NET PROFIT: €151 MLN

SAIPEM - results for the third quarter and the first nine months of 2017 

 

Results for the first nine months of 2017: 

 Revenues: €6,873 million (€7,885 million in the first nine months of 2016), of which €2,283 million in the third quarter 

 Adjusted EBITDA: €795 million (€997 million in the first nine months of 2016), of which €271 million in the third quarter 

 Adjusted operating profit (EBIT): €400 million (€479 million in the first nine months of 2016), of which €140 million in the third quarter 

 Operating profit (EBIT): €257 million (-€1,500 million in the first nine months of 2016), of which €133 million in the third quarter 

 Adjusted net profit: €151 million (€200 million in the first nine months of 2016), of which 59 million in the third quarter 

 Net profit: -€57 million (-€1,925 million in the first nine months of 2016), of which €53 million in the third quarter 

 Capital expenditure: €198 million (€167 million in the first nine months of 2016), of which €51 million in the third quarter 

 Net debt at September 30, 2017: €1,355 million (€1,450 million at December 31, 2016) 

 New contracts: €4,717 million (€6,627 million in the first nine months of 2016) 

 Backlog: €12,063 million (€14,219 million at December 31, 2016) 

 

Updated guidance for 2017: 

 Revenues: ~ €9.5 billion 

 EBITDA: ~ €1 billion 

 Adjusted net profit: ~ €200 million 

 Capital expenditure: ~ €300 million 

 Net debt: ~ €1.3 billion

 

SAIPEM FINANCIAL FIRST NINE MONTHS 2017

 

Stefano Cao, Saipem CEO, commented:
"Despite the persistence of a challenging market context, Saipem's performance in the first nine months of 2017 was solid from both an operational and management point of view, enabling the Company to confirm the guidance for 2017. The third quarter saw a downward trend in net debt, a good performance in terms of contract awards in line with the expectations announced with the half-year results, and the full achievement of objectives set by the new Fit for the Future Programme. The presentation of the new name and logo of our conceptual engineering division, "XSIGHT by Saipem", means that the new Company organization has become fully operational, setting clear targets for improving efficiency and effectiveness".

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Earlier:

NEW SAIPEM'S CONTRACTS: $430 MLN
2016, September, 23, 21:00:00

NEW SAIPEM'S CONTRACTS: $430 MLN

In Saudi Arabia, Saipem has been awarded an extension of three years to drilling activities being carried out by ten 2000 HP drilling rigs. In South America, in addition to various extensions ranging in duration from two to twenty-four months for medium and high power rigs in Peru, Colombia, Bolivia and Chile, Saipem has also been awarded a new contract for operations in Argentina, which will be carried out by an hydraulic type rig over a period of eighteen months.

 
 
SAIPEM CONTRACT: $1.5 BLN
2016, July, 7, 18:00:00

SAIPEM CONTRACT: $1.5 BLN

Eni engineering and construction subsidiary Saipem on Thursday announced the award of offshore engineering and construction contracts with a combined value of more than USD 1.5 billion, including work related to the Zohr gasfield development project in Egyptian waters.

 ENI SELLS SAIPEM: €6.5 BLN
2015, October, 29, 19:05:00

ENI SELLS SAIPEM: €6.5 BLN

Italy’s Eni executed a sale and purchase agreement to sell a 12% stake in Saipem to Fondo Strategico Italiano, as part of a plan designed to collect €6.5 billion.

 

 SAIPEM CUTS 8,800
2015, July, 30, 19:10:00

SAIPEM CUTS 8,800

Italian services firm Saipem said Tuesday it will cut 8,800 jobs during the next two years after booking about $1 billion in write downs in the second quarter and slashing its annual guidance.

 

 SAIPEM WINS $2 BLN
2014, October, 29, 18:25:00

SAIPEM WINS $2 BLN

Saipem has been awarded a new Engineering & Construction contract in Saudi Arabia and new Drilling contracts in the Middle East and in Latin America cumulatively valued approximately $2 billion.

 

 SAIPEM WINS $1.8 B
2014, April, 30, 20:49:00

SAIPEM WINS $1.8 B

Saipem Wins $1.8 Bln Contract for Azerbaijan's Shah Deniz II

 

 SAIPEM AWARDED € 2 B
2014, March, 17, 08:04:00

SAIPEM AWARDED € 2 B

Saipem awarded € 2 billion contract for the South Stream Offshore Pipeline

 

 

 

 

Tags: SAIPEM

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