BAKU, Azerbaijan, Apr.28
By Leman Zeynalova – Trend:
Capital expenditure of Italian Saipem in the first quarter of 2021, mainly relating to maintenance and upgrading, amounted to €67 million (€59 million in the first quarter of 2020), Trend reports citing the company.
The expenditures are broken down as follows: -€34 million in Offshore Engineering & Construction; €2 million in Onshore Engineering & Construction; €26 million in Offshore Drilling; €5 million in Onshore Drilling.
Net debt as at 31 March 2021, pre IFRS 16 lease liability, amounted to €1,101 million, recording an increase of €229 million compared with 31 December 2020 (€872 million), mainly due to the slowdown of certain ongoing projects and the postponement of the contribution of recently awarded projects. Net debt inclusive of IFRS16 lease liabilities,€347 million, amounted to €1,448 million.
Adjusted EBITDA in the first quarter of 2021 amounted to €43 million, equal to 4.8 percent of revenues, compared with €51 million in the same period in 2020, equal to 4.7 percent of revenues.
During the first quarter of 2021, Saipem was awarded new contracts amounting to €1,594 million (€917 million in the first quarter of 2020). The backlog as at 31 March 2021 amounted to €22,376 million (€7,088 million in Offshore Engineering & Construction, €13,279 million in Onshore Engineering & Construction, €484 million in Offshore Drilling and €1,525 million in Onshore Drilling), of which €6,147 million to be executed in 2021. The backlog inclusive of non-consolidated companies as at 31 March 2021 amounted to €25,137 million (€7,129 million in Offshore Engineering & Construction, €15,999 million in Onshore Engineering & Construction, €484 million in Offshore Drilling and €1,525 million in Onshore Drilling), of which €7,004 million to be executed in 2021.
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