Saipem Reduces Q4 Deficit; Books €12M Profit in 2019

Italian offshore services player Saipem has reported fourth-quarter 2019 loss of €32 million on revenues of €2.35 billion.

This result compares to net loss of €115 million on revenues of €2.47 billion in the prior-year comparable period.

Adjusted result was net profit of €74 million, against €8 million profit in Q4 2018.

Saipem reported Q4 2019 EBITDA of €280 million (€206 million in Q4 2018) and €1.15 billion for the full year 2019.

Contract awards in 2019 are valued at approximately €20 billion when including new contracts awarded by non-consolidated companies.

Reported backlog stands at close to €25 billion, against €14.5 billion at December 31, 2018.

For the twelve months of 2019, Saipem generated profit of €12 million on revenues of €9.1 billion, versus net loss of €472 million on revenue of €8.5 billion in 2018.

In 2020, revenues are expected to be approximately €10 billion, with adjusted EBITDA above of €1.1 billion and capex of approximately €600 million.

Subsea World News Staff

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