Saipem announces preliminary consolidated results 2013

San Donato Milanese, February 11, 2014 - Today, the Board of Directors of Saipem S.p.A. reviewed the Saipem Group preliminary consolidated results as at December 31, 2013 (not yet submitted to the Company Statutory Auditors and Independent Auditors), which have been prepared in compliance with the International Financial Reporting Standards (EU approved IFRS). 

2013 (restated in accordance with CONSOB indications pursuant to IAS 8)
• Revenues: €12,256 million  
• EBIT: €147 million  
• Net profit: -€159 million 
2013 (pro-forma consistent with 2013 reporting):
• Revenues: €12,011 million  
• EBIT: -€98 million  
• Net profit: -€404 million  
• Investments: €908 million  (€1,015 million in 2012)
• Net debt: €4,707 million  (€4,278 million at December 31, 2012)
• New contracts: €10,653 million  (€13,391 million in 2012)
• Backlog: €17,514 million at December 31, 2013 (€19,739 million at December 31, 2012)
• New contracts awarded in January and February 2014: approximately € 800 million 
Guidance 2014:
• Revenues: €12.5 to €13.6 billion  
• EBIT: €600 to €750 million  
• Net profit:  €280 to €380 million  
• Investments: approximately €750 million  
Umberto Vergine, Saipem CEO commented:  
“2013 has been a difficult year for Saipem which has required activity on many fronts to restore the efficiency and competitiveness of the business. Our priority has been to take actions to tackle structural problems and to stabilize the Engineering & Construction activities addressing a fundamental series of legacy issues. The Drilling business has continued to provide consistently strong returns. 2014 will be a transition year in which a significant proportion of Engineering & Construction activities will stem from low-margin legacy contracts. We shall continue to focus on improving our operational performance and increasing our order backlog with higher margin contracts delivering good returns for our shareholders.” 


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.

Switchboard: +39 0244231 
Shareholder Information: Saipem S.p.A., Via Martiri di Cefalonia, 67 - 20097 San Donato Milanese (MI), Italy

Institutional relations and communication:
Tel.: +39-02520.34088

Relations with institutional investors and financial analysts:
Tel.: +39-02520.34653
Fax: +39-02520.54295

Media relations:
Barabino & Partners

Tel: +39-0272023535
Cell: +39-3282668196

RLM Finsbury
Tel: +44 (0)20 7251 3801

Saipem announces 2013 preliminary consolidated results

pdf - 12-2022