Saipem sees significant increase in revenues

Oil&Gas Materials 28 October 2021 13:06 (UTC +04:00)

BAKU, Azerbaijan, Oct.28

By Leman Zeynalova – Trend:

Revenues of Italian Saipem for the third quarter amounted to € 1.9 billion, up 18 percent compared to revenues for the second quarter, Trend reports with reference to the company.

Adjusted EBITDA is negative for 25 million, improved compared to the second quarter of 2021 (negative for 354 million euros).

In the first 9 months of 2021, revenues amounted to approximately € 5.1 billion (€ 5.4 billion for the first nine months of 2020). During the nine months, the adjusted EBITDA is negative for €291 million, which is affected by higher costs for offshore wind activities of 170 million compared to those acknowledged in the accounts as at June 30, 2021.

New contracts worth €4.9 billion ensured good visibility in the medium-to-long term, sustained by an adequate financial strength, thanks to the €2 billion liquidity and to the €1 billion unused revolving line.

The results are still affected by the still difficult economic situation caused by the pandemic and by the slowdowns of specific projects; however, there are signs of improvements in the drilling sector, with an increase in demand and a possible full utilization of our fleet. The outlook for the second half of 2021 foresees revenues of approximately €4.5 billion, a positive adjusted EBITDA, forecast technical investments worth approximately €250 million and an end-of-year, post-IFRS 16 net financial debt of approximately €1.7 billion.


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