Saipem: First Quarter 2016 results, confirmation of guidance for 2016
San Donato Milanese, April 27, 2016 - The Board of Directors of Saipem S.p.A., chaired by Paolo Andrea Colombo, today approved Saipem Group’s Interim Report as at March 31, 20161, confirmed the company’s expectations for the full-year 2016 and adopted a "Euro Medium Term Notes Programme” (EMTN Programme) for an amount up to €2,000 million.
First quarter 2016:
o Revenues: €2,840 million (€3,020 million in the first quarter 2015)
o EBIT: €179 million (€159 million in the first quarter 2015)
o Net profit: €61 million (€77 million in the first quarter 2015)
o Investments: €45 million (€150 million in the first quarter 2015)
o Net debt as at March 31, 2016: €2,040 million (€5,390 million as at December 31, 2015)
o New contracts: €1,025 million o Backlog: €14,031 million as at March 31, 2016
Guidance for full-year 2016 confirmed:
o Revenues: > €11 billion
o EBIT: > €600 million
o Net profit: ~€300 million
o Investments: ~€500 million
o Net debt: < €1.5 billion
Stefano Cao, Saipem CEO, commented:
“During the first quarter of 2016 we delivered an encouraging set of results in line with our full-year guidance. A robust performance in the offshore division, combined with improved profitability in the E&C onshore business, offset the deterioration in drilling. Our focus continues to be on delivering the company’s strategy. We are pursuing important and visible near-term project opportunities and have made good progress on our Fit for the Future programme, where we have identified €200 million of additional savings and raised our overall target to €1.7 billion by to 2017. Our revenue visibility, newly recapitalised balance sheet and the improvement in our efficiency programme mean that, despite the continuing market downturn, we can confirm our guidance for 2016.”
Saipem is one of the world leaders in drilling services, as well as in the engineering, procurement, construction and installation of pipelines and complex projects, onshore and offshore, in the oil & gas market. The company has distinctive competences in operations in harsh environments, remote areas and deepwater. Saipem provides a full range of services with “EPC” and “EPCI” contracts (on a “turn-key” basis) and has distinctive capabilities and unique assets with a high technological content.
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