Saipem: Results for the first half of 2016

Stefano Cao, Saipem CEO, commented: 
 
“Saipem achieved robust results in the first half of 2016 thanks to the excellent performance in the execution of Offshore E&C projects, to the long-term contracts which continue to support margins in the offshore drilling sector, and to constant efforts to reduce costs and enhance process efficiency. In spite of the continuing crisis in the oil and gas market, and in particular in the drilling sector, our distinctive competencies supported the acquisition of important contracts, mainly with regards to offshore projects. Saipem’s performance during the first half of the year enables us to target a resilient set of full-year results in a market that continues to be extremely complex.” 
 
 
Results for the first half of 2016:
o Revenues: €5,275 million (€5,373 million in the first half of 2015), of which €2,435 million in the second quarter
o Adjusted operating profit (EBIT)2: €324 million (-€479 million in the first half of 2015), of which €182 million in the second quarter
o Reported operating profit (EBIT): €237 million (-€790 million in the first half of 2015), of which €95 million in the second quarter
o Adjusted net profit: €140 million (-€609 million in the first half of 2015), of which €79 million in the second quarter
o Reported net profit: €53 million (-€920 million in the first half of 2015), of which -€8 million in the second quarter
o Capital expenditure: €97 million (€268 million in the first half of 2015), of which €52 million in the second quarter
o Net debt at June 30, 2016: €1,970 million (€5,390 million at December 31, 2015; €2,040 million at March 31, 2016);
o New contracts: €3,328 million (€3,500 million in the first half of 2015), of which €2,303 million in the second quarter. Additional contracts worth in excess of €2,500 million were won in July.  
o Backlog: €13,899 million (€15,846 million at December 31, 2015)

Updated guidance for 2016:
o Revenues: ~ €10.5 billion
o Adjusted operating profit (EBIT): ~ €600 million o Adjusted net profit: ~ €250 million
o Capital expenditure: ~ €400 million o Net debt: ~ €1.5 billion 

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. 
 
Website: www.saipem.com
Switchboard: +39 0244231 

Media relations
Tel: +39 0244234088;
E-mail: media.relations@saipem.com 

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Tel: +39 024678752; Mobile: +39 3669134595;
E-mail: saipem@icorporate.it 

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E-mail: SAIPEM@BrunswickGroup.com

Relations with institutional investors and financial analysts
Tel: +39 0244234653; Fax: +39 0244254295;
E-mail: investor.relations@saipem.com 

Contact point for retail investors  
E-mail: segreteria.societaria@saipem.com