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Saipem increases capital expenditure

Oil&Gas Materials 29 July 2020 10:04
Saipem increases capital expenditure

BAKU, Azerbaijan, July 29

By Leman Zeynalova – Trend:

Capital expenditure of Italy-based Saipem company in the first half of 2020, including the acquisition of the new vessel, Norce Endeavour, amounted to €195 million (€135 million in the first half of 2019), Trend reports citing the company.

The company’s capex is broken down as follows: - €124 million in Offshore Engineering & Construction; - €5 million in Onshore Engineering & Construction; - €33 million in Offshore Drilling; - €33 million in Onshore Drilling.

“Net financial debt pre-IFRS 16 lease liabilities at June 30, 2020 amounted to €901 million, recording an increase of €429 million with respect to December 31, 2019 (€472 million), largely due to the fact that a number of projects acquired in 2019 had achieved fully operational status, and also to the slowdown of projects due to the effects of the pandemic and the postponement of some activities agreed upon with the clients. Net debt inclusive of IFRS 16 lease liabilities (€459 million) amounted to €1,360 million,” the company’s report reads.

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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Follow the author on Twitter:@Lyaman_Zeyn

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