Baku, Azerbaijan, April 18
By Leman Zeynalova – Trend:
Revenues of Italy’s Saipem company amounted to 2,156 million euros, up by 12.6 percent on 2018, due to increases recorded by all divisions, Trend reports citing the company.
Adjusted net profit amounted to 29 million euros (11 million euros in 2018), an improvement almost in line with the change in the adjusted operating income, 26 million euros: the deterioration in results from financial expenses and shareholdings, as well as third-party interests was largely offset by an improvement in tax management, reads a report from Saipem.
The company said that net result in the first quarter of 2019, amounting to 21 million euros (a loss of €2 million in the first quarter of 2018), unlike adjusted net profit, was reduced by reorganization expenses of €8 million (€13 million in the first quarter of 2018).
Capital expenditure in the first quarter of 2019, relating mainly to the maintenance and upgrading of the
existing asset base, amounted to 74 million euros (32 million euros in the first quarter of 2018), broken down as follows: 58 million euros in Offshore Engineering & Construction; 2 million euros in Onshore Engineering & Construction; 4 million euros in Offshore Drilling; 10 million euros in Onshore Drilling, shows the report.
Saipem is a contractor for the development of Absheron field in the Azerbaijani sector of the Caspian Sea.
The scope of work includes engineering, procurement, fabrication and offshore installation, assistance to commissioning and to performance testing of a production flowline, its Flowline End Termination structure and main umbilical.
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