Saipem: preliminary results for the fourth quarter and the year 2022, and update of the Strategic Plan

The improvement in the Group’s performance continues with the acquisition of new contracts, and a significant growth in revenues and margins

Results are fully in line with forecasts disclosed to the market

The update to the Strategic Plan confirms the favourable market momentum and the prospects for improvement in the operational, economic and financial performance of the Group

As a result of the sale of the Onshore Drilling business, the results of the segment being divested 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.

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

With regards to the year 2022, the Saipem Group achieved:

  • Revenues: €9,980 million, +53% compared to 2021
  • Adjusted EBITDA: €595 million, compared to a negative figure of €1,274 million in 2021
  • Order intake: about €14 billion. Over 70% of new contracts was in offshore business (E&C and Drilling)
  • Pre-IFRS 16 net financial position as of December 31, 2022 positive net cash of €56 million (post-IFRS 16 net debt of €264 million)
  • Onshore Drilling disposal: first closing completed at the end of October 2022, with a cash consideration of approximately €500 million and the acquisition of 10% shares in KCA Deutag

In the fourth quarter of 2022, the Group’s results were as follows:

  • Revenues: €2,937 million
  • Adjusted EBITDA: €150 million
  • Order Intake: about €6 billion, almost entirely (95% of the total) in offshore business

Saipem updated the strategic guidelines presented in March 2022, confirming the positive market momentum and the progressive improvement in the performance of the Group. Consequently, the economic and financial targets have been revised, with the aim to also reflect the effects of the sale of the onshore drilling on the projections.

Specifically, with reference to the year 2023, the Company expects:

  • Revenues over €11 billion
  • Adjusted EBITDA around €850 million
  • Capex around €450 million, also due to capital expenditure needed for the preparation of new leased vessels in order to satisfy with the growing demand by clients
  • Free Cash Flow at breakeven
  • Pre-IFRS 16 net financial position at the end of the year: positive net cash (post-IFRS 16 net debt around €500 million)

With reference to 2026, the last year of the 2023-26 Strategic Plan, the Company expects:

  • Revenues over €12 billion
  • Adjusted EBITDA over €1.2 billion
  • Free Cash Flow over €600 million
  • Positive net cash (post-IFRS 16) over €700 million at year-end

With reference to the entire course of the 2023-2026 Plan, the Company expects:

  • Acquisitions of new E&C contracts for about €46 billion, of which about 25% in low/zero carbon segments, and Offshore Drilling for about €3 billion
  • Cumulative capex of about €1.2 billion


While commenting the results, Alessandro Puliti, CEO, and general manager of Saipem, stated:

“Besides the obvious satisfaction for the economic and financial results of 2022, I believe it is essential to highlight that reaching these results was possible thanks to the efforts of over 30,000 colleagues in 70 countries all over the world. Their contribution shows the wealth of skills, abilities and focus on the result that represents Saipem’s culture. To them goes my first and personal thanks.

In addition, I must thank our shareholders, the Financial Institutions and the entire Board of Directors who have enabled a successful implementation of the strategic and organisational changes already underway, and the financial strengthening that have made Saipem’s relaunch possible”.


Milan, February 27, 2023 - The Board of Directors of Saipem SpA chaired by Silvia Merlo examined today the Group’s consolidated preliminary results as of December 31, 2022, prepared in accordance with international accounting standards (International Financial Reporting Standard – IFRS endorsed by the EU).

For comparative purposes, the main figures are shown below with reference to the new scope including contributions from discontinued operations exclusively within net result following the first closing in October 2022. Results in discontinued operations for Saipem’s relevant periods are stated in the comment to results.


Results for the fourth quarter and 2022:

  • Revenues: €9,980 million (€6,528 million in 2021), of which €2,937 million in the fourth quarter.
  • Adjusted EBITDA: €595 million, equal to 6% of revenues (loss of €1,274 million in 2021), of which €150 million in the fourth quarter.
  • Net result: loss of €209 million (loss of €2,467 million in 2021), of which €71 million in the fourth quarter.
  • Capital expenditure: €523 million compared to €246 million in 2021.
  • Post-IFRS 16 net financial position: net debt of €264 million (net debt of €1,541 million as of December 31, 2021).
  • Pre-IFRS 16 net financial position: positive net cash of €56 million (net debt of €1,223 million as of December 31, 2021).
  • Order intake: €12,941 million (€6,952 million in 2021).
  • Backlog: €24,017 million (€21,236 million as of December 31, 2021), which increases to €24,376 million including the backlog of non-consolidated companies (€23,185 million as of December 31, 2021).




fourth quarter 2021

third quarter 2022

fourth quarter 2022

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4Q 2021 (%)

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EBITDA continuing operations








Continuing operations adjusted EBITDA








Continuing operations operating result (EBIT)








Continuing operations operating result (EBIT) adjusted








Continuing operations net result








Continuing operations adjusted net result








Net Result








Adjusted Net Result








Free cash flows








Pre-IFRS 16 net debt








Post-IFRS 16 net debt








Capital expenditure 








New contracts 












* The results of the Onshore Drilling segment being divested, have been recognized as discontinued operations in accordance with the criteria set out in IFRS 5. The comparison periods have been restated for comparative purposes. 

Revenues and associated profit levels are not consistent over time, as they are influenced not only by market performance but also by climatic conditions and individual project schedules in the Engineering and Construction sector, and by contract expiry and renegotiation timing in the Drilling sector.


Continuing and discontinued operations and non-current assets held for sale

The Onshore Drilling (DRON) business was recognised as discontinued operations given that, as of October 28, 2022, the first closing of the sale transaction of Saipem’s business to KCA Deutag was completed, following the agreement presented on June 1, 2022. Specifically, the activities in Saudi Arabia, the Congo, the United Arab Emirates, and Morocco were sold. Activities in Kuwait were transferred in January 2023, while the remaining activities in the Americas, Kazakhstan, and Romania will be transferred within the first half of 2023.


Reorganisation: impact on reporting

To complete the new organisation, in February 2023 the Company established a new business line, Offshore Wind, adding to the four business lines established in January 2022; the current organisational structure is as follows: Asset Based Services, Energy Carriers, Robotics and Industrialized Solutions, and Sustainable Infrastructures.

In order to facilitate the financial market’s understanding of the evolution of the economic/financial performance during 2022, the Company maintained, in continuity with previous years, the reporting structure based on the four divisions Offshore Engineering & Construction, Onshore Engineering & Construction, Offshore Drilling and Onshore Drilling (discontinued operations), this choice derives also from the fact that the Company was completing the implementation of the management control system in line with the new organizational structure.

The 2023-2026 Strategic Plan was developed in accordance with the new organisational structure.

The information to the market, starting from the first quarter of 2023, in accordance with the provisions of IFRS 8 will be prepared following the reporting segments below:

  • Asset Based Services, which will include the Offshore Engineering & Construction and Offshore Wind activities,
  • Offshore Drilling, and
  • Energy Carriers, which will include the Onshore Engineering & Construction, Sustainable Infrastructures, and Robotics and Industrialized Solutions activities.


Management update 2022

In 2022, revenues amounted to €9,980 million (€6,528 million in 2021), and the adjusted EBITDA amounts to €595 million (a loss of €1,274 million in 2021). The improvement is recorded in all the activities, mainly driven by Offshore Engineering & Construction and drilling sectors, as commented below in the subparagraph “Analysis by business sector”.


The adjusted net result from continuing operations amounted to a loss of €263 million (a loss of €1,861 million in 2021). The positive change recorded in adjusted operating result (€1,824 million) is reduced by the deterioration in the balance of tax and financial operations totalling €226 million.

The net result from continuing operations shows a loss of €315 million (loss of €2,406 million in 2021) and compared to the adjusted net result includes costs for COVID-19 healthcare emergency of about €28 million and reorganisation expenses of €24 million.

The net result, including the net result from discontinued operations of €106 million, records a loss of €209 million (loss of €2,467 million in 2021).


Adjusted EBIT reconciliation – reported EBIT


Offshore E&C

Onshore E&C

Offshore Drilling



Adjusted EBIT






Costs for COVID-19 healthcare emergency






Reorganization expenses






Total special items






Reported EBIT







In the corresponding period of 2021, net result recorded a loss of €2,467 million and compared to the adjusted net result included the following special items:

The impairment test as of December 31, 2022 did not result in the recording of impairment loss.

The capital expenditure in 2022, including the purchase of the seventh-generation drillship Santorini, amounted to €523 million (€246 million in 2021), and was as follows:

  • €146 million in Offshore Engineering & Construction; 
  • €27 million in Onshore Engineering & Construction; 
  • €350 million in Offshore Drilling.

Pre-IFRS 16 net financial position as of December 31, 2022 amounted to a net cash of €56 million. Net debt, including IFRS 16 lease liability of €320 million, amounted to €264 million.

Pre-IFRS 16 gross debt as of December 31, 2022, amounted to €2,630 million, liquidity to €2,686 million of which available cash for €1,362 million.


Financing package

The subscription of the capital increase was completed on 15 July 2022 for a total amount of €2 billion fully paid and on 18 July 2022 the Company repaid the "SACE Facility" for the entire amount equal to €852 million. Saipem has also further strengthened its financial structure and liquidity by signing two new credit lines for a total of €860 million with a pool of leading national and international banks, as reported in the press release on February 13, 2023.



In 2022, Saipem was awarded new contracts amounting to a total of €12,941 million (€6,952 million in 2021). The backlog as of December 31, 2022, amounted to €24,017 million (€10,756 million in Offshore Engineering & Construction, €11,767 million in Onshore Engineering & Construction, €1,494 million in Offshore Drilling), of which €10,009 million to be executed in 2023.

The backlog including non-consolidated companies as of December 31, 2022, amounted to €24,376 million (€10,804 million in Offshore Engineering & Construction, €12,078 million in Onshore Engineering & Construction and €1,494 million in Offshore Drilling), of which €10,340 million to be executed in 2023.


This press release should be read in conjunction with the Interim Consolidated Financial Statements as of June 30, 2022 and the Consolidated Financial Statements as of December 31, 2021 of Saipem SpA, which are already available on the Company’s website (, under the section “Investor Relations /Financial information”.


Paolo Calcagnini, Chief Financial Officer declares pursuant to Article 154 bis, subparagraph 2 of the Consolidated Law on Finance that the accounting information corresponds to the documentary results, books, and accounting records. 

By their nature, forward-looking statements are subject to risk and uncertainty since they are dependent upon circumstances which should or are considered likely to occur in the future and are outside of the Group’s control. These include, but are not limited to: exchange and interest rate fluctuations, commodity price volatility, credit and liquidity risks, HSE risks, the levels of capital expenditure in the oil industry and other sectors, political instability in areas where the Group operates, actions by competitors, success of commercial transactions, risks associated with the execution of projects (including ongoing investment projects), the COVID-19 pandemic (including its impacts on our business, our ongoing projects worldwide and our procurement chain), in addition to changes in stakeholders’ expectations and other changes affecting business conditions. Actual results could therefore differ materially from the forward-looking statements. The financial reports contain in-depth analyses of some of the aforementioned risks. Forward-looking statements and data are to be considered in the context of the date of their release. 


Conference call and webcast

The results contained in this press release will be presented tomorrow at 10:30 AM Italian time during a conference call and webcast by CEO Alessandro Puliti and CFO Paolo Calcagnini. The conference call can be joined by webcast, via the Company’s website, by clicking on the banner ‘Saipem full year 2022 results and strategy update’ on the home page, or following the URL .

During the conference call and webcast, a presentation will be given that can be downloaded around 30 minutes before the estimated start time, from the webcast window or from the “Investor Relations/Quarterly results and documentation/Archive” section of the website The presentation will also be available on the authorised storage mechanism “eMarketSTORAGE” ( and on the website of Borsa Italiana SpA (




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PR Saipem 27.02.2023.pdf

pdf - 04-2023