Saipem: Board of Directors approves results for Q3 and the first nine months of 2015
London, October 27, 2015 - The Board of Directors of Saipem S.p.A, chaired by Paolo Andrea Colombo, today approved Saipem Group's Interim Report as at September 30, 2015 (not subject to audit).
Highlights:
Q3 2015: Stable operating profit in complex scenario
o Revenues: €3,072 million (€3,509 million in the third quarter of 2014)
o EBIT: €150 million (€150 million in the third quarter of 2014)
o Net result: €54 million (€76 million in the third quarter of 2014)
o New contracts: €1,857 million (€1,856 million in the third quarter of 2014)
First 9 months of 2015: strong impact of write-downs announced at H1 results o Adjusted EBIT: €-436 million, including the impact of €718 million of write-downs in current assets carried out in the second quarter of 2015
o EBIT: €-640 million, including the impact €929 million of write-downs in capital and current assets carried out in the second quarter of 2015
o Net result: €-866 million
o Investments: €407 million (€475 million in the first nine months of 2014)
o New contracts: €5,357 million (€14,988 million in the first nine months of 2014)
o Backlog: €17,750 million at September 30, 2015 (€22,147 million at December 31, 2014). The backlog does not include E&C offshore contracts in excess of €600 million announced following the close of the third quarter.
o Net debt at September 30, 2015: €5,736 million (€5,531 million at June 30, 2015 and €4,424 million at December 31, 2014)
Guidance for 2015 results in line with that provided at H1
o Revenues: ~€12 billion (underlying)
o Adjusted EBIT: ~ €-250 million o EBIT: ~ €-450 million
o Net result: ~ €-800 million
o Investments: below €600 million
o Net debt: below €5 billion (excluding potential impact of US dollar fluctuations)
Stefano Cao, Saipem CEO, commented:
“Saipem results for the third quarter of 2015 were in line with the same period of 2014, despite the deeply deteriorated market scenario. This was achieved as a result of an improvement in the Onshore E&C segment, which returned to breakeven, coupled with the relative stability of the Drilling segment. The encouraging results achieved in the third quarter allow us to confirm the guidance announced to the market at first-half results.”
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.
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