BAKU, Azerbaijan, Oct.28
By Leman Zeynalova – Trend:
Capital expenditure of Italian Saipem company in the first nine months of 2020, including the acquisition of the new vessel, Norce Endeavour, amounted to €242 million (€229 million in the first half of 2019), Trend reports citing Saipem.
The company’s capex is broken down as follows: - €151 million in Offshore Engineering & Construction; - €8 million in Onshore Engineering & Construction; - €43 million in Offshore Drilling; - €40 million in Onshore Drilling.
Net financial debt pre-IFRS 16 lease liabilities at September 30, 2020 amounted to €973 million, recording an increase of €501 million compared 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 (€426 million) amounted to €1,399 million.
Revenues for the first nine months of 2020 amounted to €2,139 million, down 28.4 percent compared to the same period of 2019, due mainly to lower volumes recorded in North Africa, Sub-Saharan Africa and the Middle East, partly offset by the greater volumes recorded in the Caspian Sea, in Italy and in the North Sea.
Adjusted EBITDA for the first nine months of 2020 amounted to €226 million, equal to 10.6 percent of revenues, representing a decrease compared to €490 million, equal to 16.4 percent of revenues, for the same period of 2019. The most significant awards in the third quarter related to: - on behalf of Dogger Bank Offshore Wind Farms, a joint venture between Equinor and SSE Renewables, a contract for the transport and installation of two transformer platforms at the offshore wind farm in the United Kingdom; - on behalf of Seaway 7, a contract for the installation of foundations at the Seagreen offshore wind farm in Scotland; - on behalf of Ailes Marines, part of the Iberdrola group, a contract for the transport and installation of the jacket and topside of the substation for the offshore wind farm of St-Brieuc, in France.
---
Follow the author on Twitter: @Lyaman_Zeyn