SAIPEM: Board of Directors announces results for Q3 and the first nine months of 2014
San Donato Milanese, October 28, 2014 - The Board of Directors of Saipem S.p.A. today approved Saipem Group's Interim Report at September 30, 2014 (not subject to audit).
Third Quarter 2014:
• Revenues: €3,509 million
• EBIT: €150 million
• Net Profit: €76 million
• New Contracts: €1,856 million
First nine months of 2014:
• Revenues: €9,475 million
• EBIT: €443 million
• Net Profit: €212 million
• Capex: €475 million (€680 million in the first nine months of 2013)
• Net Debt: €5,130 million (€4,760 million at December 31, 2013)
• New Contracts: €14,988 million (€8,064 million in the first nine months of 2013)
• Backlog: €22,562 million at September 30, 2014 (€17,065 million at December 31, 2013)
Guidance 2014:
• Revenues: ~€13 billion
• EBIT: ~600 million
• Net Profit: ~€280 million
• Capex: ~€750 million
• Net Debt: ~€4.7 billion
Umberto Vergine, Saipem CEO, commented:
“We continue to implement our turnaround plan for Saipem, though market conditions have deteriorated impacting the pace at which legacy contracts are resolved and the execution of new contracts.
We have re-built the backlog in line with our strict commercial strategy and this underpins a sustainable, medium to long term recovery.
This year’s results have also been affected by some one-off events, such as the accident which occurred on the P55 project, the stand-by period for the Scarabeo 5 and the longer than expected maintenance of the Scarabeo 7”.
Saipem operates in the Engineering & Construction and Drilling businesses, with a strong bias towards oil & gas-related activities in remote areas and deep-waters. Saipem is a leader in the provision of engineering, procurement, project management and construction services with distinctive capabilities in the design and execution of large-scale offshore and onshore projects, and technological competences such as gas monetization and heavy oil exploitation.
Website: www.saipem.com
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