SAIPEM: Board of Directors approves Interim Report as at March 31,2014

First quarter 2014 
• Revenues: €2,891 million  
• EBIT: €127 million  
• Net profit: €61 million  
 
First quarter 2014 (Management View): 
• Revenues: €2,943 million  
• EBIT: €132 million  
• Net profit: €61 million  
 
• Investments: €204 million (€340 million in the first quarter of 2013)
• Net debt: €5,563 million (€4,707 million as at December 31, 2013)
• New contracts: €3,949 million (€2,883 million in the first quarter of 2013)
• Backlog: €18,520 million as at March 31, 2014 (€17,514 million as at December 31, 2013)
• New contracts acquired since period end: excess of €3 billion 
 
• 2014 guidance maintained
 
Umberto Vergine, Saipem CEO, commented: “In the first quarter Saipem made solid progress towards stabilising the business and delivering the recovery. We confirm 2014 guidance, despite the impact of the operational problem on the P55 project, thanks to our significant commercial success from the beginning of the year to date with approximately €7 billion of profitable new contracts won. Headwinds during the quarter have resulted in an increase in net debt. We expect these to be overcome during the course of 2014 as the majority of our legacy projects come to an end and new projects positively contribute to our working capital. We confirm that this year will be a transitional one, but we are already seeing the beginnings of the positive momentum that will drive the return to profitable growth in the medium term”.

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

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