Saipem: results for the first quarter of 2017, guidance for 2017 is confirmed

Results for the first quarter of 2017:
 Revenues: €2,263 million (€2,840 million in the first quarter of 2016)
 Adjusted EBITDA: €256 million (€314 million in the first quarter of 2016)
 Adjusted operating profit (EBIT): €122 million (€142 million in the first quarter of 2016)
 Operating profit (EBIT): €112 million (€142 million in the first quarter of 2016)
 Adjusted net profit: €54 million (€61 million in the first quarter of 2016)
 Net profit: €47 million (€61 million in the first quarter of 2016)  
 Capital expenditure: €83 million (€45 million in the first quarter of 2016)
 Net debt at March 31, 2017: €1,605 million (€1,450 million at December 31, 2016)
 New contracts: €509 million   Backlog: €12,465 million  
 
 2017 Guidance is confirmed
 Revenues: ~€10 billion  
 EBITDA: ~€1 billion
 Net profit: > €200 million inclusive of reorganization expenses of approximately €30 million)
 Capital expenditure: ~ €0.4 billion
 Net debt: ~€1.4 billion 
 
Stefano Cao, Saipem CEO, commented: 
 
“Q1 2017 has been a quarter of reliable delivery, despite markets that remain tough. We continue to reinforce the business and to position Saipem for future opportunities. We have strengthened the capital structure, and our new organisational structure will be fully operational during the second quarter. Conditions are demanding, but our company is on track”. 

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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E-mail: SAIPEMITALY@BrunswickGroup.com

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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