First half 2022 results: robust growth in revenue and margins, net debt in line with targets

Stenthened positive market environment, and further recovery of the Group's operating performance, with business volumes and revenues returning to pre-pandemic levels.

  • Revenues[1] for H1 of €4,435 million (+40% compared to 2021) and adjusted1 EBITDA of €321 million (negative €266 million in 2021).
  • Growth strengthening in Q2 with revenues1 of €2,493 million, +28% compared to Q1, and adjusted1 EBITDA of €176 million, +21% compared to Q1.
  • €5.8 billion order intake[2] in H1, of which more than half in offshore E&C and drilling activities, in line with Strategic Plan priorities.
  • Continued progress in  the implementation of the Plan in particular, asset valorisation, liquidity improvement initiatives (sale of the onshore drilling and FPSO vessel Cidade de Vitória) and cost reduction initiatives.
  • Net debt post-IFRS-16 at €1.7 billion (prior to capital increase).
  • Capital increase of €2 billion completed on 15 July 2022.

H1 results improve visibility on the 2022 and Strategic Plan targets, which are confirmed.

This press release also provides the information required on a quarterly basis by Consob on 10 May 2022, pursuant to Article 114(5) of the Consolidated Law on Finance.

[1] Including discontinued operations (onshore drilling)

[2] Before the backlog reduction in Onshore E&C in the first quarter, including discontinued operations (drilling onshore)


San Donato Milanese, 27 July 2022 - The Saipem SpA Board of Directors, chaired by Silvia Merlo, approved, yesterday, the Consolidated Half-Year Financial Report as of 30 June 2022[3].

[3]The Consolidated Half-Year Financial Report is drawn up in accordance with the IAS 34 accounting standard “Interim Financial Statements” and subject to limited audit under completion. The Consolidated Half-Year Financial Report was made available by the Board of Statutory Auditors and by the Auditing Firm

Highlights of the first half year

As a result of the announced sale of Onshore Drilling, the results of the divested segment were recognised as discontinued operations in accordance with the provisions of IFRS 5. The comparative periods have been restated in accordance with this accounting treatment in all parts of this release.

For comparative purposes, the main figures are shown below with reference to both the scope including discontinued operations and continuing operations only.

  • Revenues: €4,435 million, including revenues from discontinued operations, +39% compared to the first half of 2021; revenues from continuing operations of €4,187 million +38%.
  • Adjusted EBITDA: €321 million, including discontinued operations, equal to 7.2% of revenues compared to a loss of €266 million in the first half of 2021. Adjusted EBITDA from continuing operations of €263 million, equal to 6.3% of revenues.
  • Net income: loss of €130 million (loss of €779 million in the first half of 2021)
  • Capital expenditure: €112 million, including discontinued operations, compared to €135 million in the first half of 2021; capital expenditure in continuing operations of €86 million. 
  • Net debt post IFRS-16: €1,703 million (€1,541 million as of December 31, 2021).
  • Net debt before IFRS-16: €1,395 million (€1,223 million as of December 31, 2021).
  • Order intake: €4,866 million including discontinued operations, after the backlog reduction in the Onshore E&C in the first quarter; order intake of continuing operations of €4,228 million.
  • Backlog: €22,984 million including discontinued operations (€24,594 million including the backlog of non-consolidated companies); continuing operations backlog of €21,097 million (€22,707 million including the backlog of non-consolidated companies). The total amount of backlog was reduced by € 180 million for the cancellation of the Moscow Refinery contract in Russia, following termination during the second quarter.
  • Outlook: targets of the 2022-2025 Strategic Plan are confirmed (including 2022 adjusted EBITDA of over €500 million and net debt post IFRS-16 at year-end of around 800 million, excluding the expected proceeds from the disposal of Onshore Drilling).


Commenting on the results, Francesco Caio, CEO of Saipem said:

"Saipem has closed a first half of growth and return to operating profit that puts the company back on a path of sustainable development. Revenues have grown by 40% compared to H1 of last year and gross operating margin (EBITDA adjusted) was €321 million compared to a loss of €266 million in the same period last year. These results confirm the validity of the strategic and organisational choices, which have allowed us to intercept the opportunities of the new investment cycle in our reference sectors, and reward the work done by the entire management team, which has grown stronger over time.  On the basis of these results, we look forward with confidence to the objectives for the year and for the Plan also thanks to the successful completion of the capital increase on 15 July".

PR Saipem 27.07.2022.pdf

pdf - 12-2022