SAIPEM: Board of Directors approves Six-Month Report at June 30, 2014

San Donato Milanese, July 29, 2014- The Board of Directors of Saipem S.p.A. today reviewed Saipem’s consolidated Six-Month Report at June 30, 2014, which has been prepared in compliance with the International Accounting Standard IAS 34 “Interim Financial Reporting” and is subject to a limited audit (near completion). The report is subject to review by the Company’s Statutory Auditors and Independent Auditors. 

Second quarter 2014:
• Revenues: €3,075 million  
• EBIT: €166 million  
• Net profit: €75 million  
First half 2014:
• Revenues: €5,966  million  
• EBIT: €293 million  
• Net profit: €136 million  
• Investments: €329 million (€490 million in the first half 2013)
• Net debt: €5,104 million (€4,760 million at December 31, 2013)
• New contracts: €13,132 million (€6,704 million in the first half 2013)
• Backlog: €24,215 million at June 30, 2014 (€17,065 million at December 31, 2013) 
Guidance 2014:
• Revenues: approximately €13 billion
• EBIT between €600 and €700 million
• Net profit between €280 and €330 million
• Capex: approximately €750 million
• Net debt between €4.2 and €4.5 billion 

Umberto Vergine, Saipem CEO, commented: 
“The strong start we made in the first quarter, in terms of winning new business in line with our strict commercial criteria, accelerated even further with a record €9.2 billion of new awards during the second quarter.  Saipem continues to be committed and is making progress in the execution and negotiation of legacy contracts. This remains our highest priority, as we work to strengthen our balance sheet and reduce our debt levels. The task of restoring Saipem to full health is not yet complete, but the components for a recovery are in place as we work towards realizing the Company’s potential 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.

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SAIPEM: Board of Directors approves Six-Month Report at June 30, 2014

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