Saipem expects its revenues to rise in 2020

Saipem expects its revenues to rise in 2020

BAKU, Azerbaijan, Feb.26

By Leman Zeynalova – Trend:

Revenues of Italian Saipem company are expected to be approximately 10 billion euros in 2020, as compared to 9.1 billion euros in 2019, Trend reports citing Saipem.

The record level of the backlog at the end of 2019, combined with good visibility in the short-term on current commercial tenders, underpin estimates on revenues at around 10 billion euros in 2020, with an adjusted Earnings before interest, tax, depreciation and amortization (EBITDA) above €1.1 billion (post– International Financial Reporting Standards (IFRS) 16), the company said in its report.

Capital expenditure is expected to increase at around 600 million euros, also considering the postponement of some initiatives and activities from 2019, while net debt (pre–IFRS 16) at the end of 2020 is expected to be below 700 million euros, reads the report.

“In a market scenario still characterized by strong uncertainty on the economic/financial prospects due to the corona virus epidemic and political instability in various regions of the world, with impacts on oil and gas demand and prices, the weak signs of recovery in the oil and gas sector have not yet translated into a significant acceleration of investments in exploration and production by the oil companies, except for some opportunities in specific geographical areas. In this context, the exceptions are those investments in segments associated with the energy transition, such as gas and renewables, or structurally countercyclical, such as downstream, for which signals remain positive,” said Saipem.

Saipem is a leading company in engineering, drilling and construction of major projects in the energy and infrastructure sectors. It is “One-Company” organized in five business divisions (Offshore E&C, Onshore E&C, Offshore Drilling, Onshore Drilling and XSight, dedicated to conceptual design). It is present in over 70 countries worldwide and has 33 thousand employees of 120 different nationalities.

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