Saipem’s capex falls due to maintenance

Oil&Gas Materials 30 July 2021 09:42 (UTC +04:00)
Saipem’s capex falls due to maintenance

BAKU, Azerbaijan, July 30

By Leman Zeynalova – Trend:

Capital expenditure of Italian Saipem company in the first half of 2021, mainly relating to maintenance and upgrading, amounted to €135 million (€195 million in the first half of 2020, including the purchase of the new Saipem Endeaovur vessel), Trend reports with reference to the company.

The capex is broken down as follows: - €77 million in Offshore Engineering & Construction; - €5 million in Onshore Engineering & Construction; - €41 million in Offshore Drilling; - €12 million in Onshore Drilling.

Net debt as at 30 June 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, for €296 million, amounted to €1,397 million.

As at June 30th, 2021, there are bank loan agreements containing financial covenant clauses that provide for compliance with the net debt over EBITDA ratio, recorded annually on the basis of data as at December 31st, not exceeding 3.5 times. Taking into account the EBITDA value of the first half and the expectations relating to the second half of 2021, the Company intends to promptly examine the most appropriate intervention actions with its lenders.

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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