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90% of Saipem’s new contracts are non-oil

Oil&Gas Materials 28 October 2020 14:29 (UTC +04:00)
90% of Saipem’s new contracts are non-oil

BAKU, Azerbaijan, Oct.28

By Leman Zeynalova – Trend:

New contract awards of Italian Saipem company in the first nine months amount to €5.3 billion (90 percent not linked to oil), substantially equal to the volume of revenues reported in the period, Trend reports citing Saipem.

“At the beginning of October, Saipem was awarded an offshore engineering & construction contract in Qatar for a value of about $140 million. The contract was awarded by Qatar Petroleum for the fifth development phase of the Idd El-Shargi North Dome field. The scope of work includes the EPCI of a topside, subsea pipelines and additional brownfield works for the modification and tie-ins of existing infrastructures.

“During the third quarter, costs directly attributable to Covid-19 increased to an amount of about €99 million in the first nine months and connected, among other things, to the purchase of personal protective equipment and devices in addition to standard requirements, the sanitisation of work areas, specific standby costs related to the suspension of project activities by order of authorities, the arrangement of charter flights for the repatriation of personnel and management of workers rotations.

“The economic and financial results for the third quarter attested the overall recovery of revenues and margins compared to the second quarter, particularly as regards Onshore E&C.

“Revenues of the first nine months amount to about €5.4 billion, with an adjusted EBITDA margin over 9 percent,” said the company.

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Follow the author on Twitter: @Lyaman_Zeyn

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