Saipem Board of Directors announce results for Q3 and the first nine months of 2014

Saipem Board of Directors announce results for Q3 and the first nine months of 2014

The Board of Directors of Saipem S.p.A. today approved Saipem Group’s Interim Report at September 30, 2014 (not subject to audit).
Third Quarter 2014:
Revenues: €3,509 million
EBIT: €150 million
Net Profit: €76 million
New Contracts: €1,856 million
First nine months of 2014:
Revenues: €9,475 million
EBIT: €443 million
Net Profit: €212 million
Capex: €475 million (€680 million in the first nine months of 2013)
Net Debt: €5,130 million (€4,760 million at December 31, 2013)
New Contracts: €14,988 million (€8,064 million in the first nine months of 2013)
Backlog: €22,562 million at September 30, 2014 (€17,065 million at December 31, 2013)

    Guidance 2014:

Revenues: ~€13 billion
EBIT: ~600 million
Net Profit: ~€280 million
Capex: ~€750 million
Net Debt: ~€4.7 billion
Umberto Vergine, Saipem CEO, commented:
“We continue to implement our turnaround plan for Saipem, though market conditions have deteriorated impacting the pace at which legacy contracts are resolved and the execution of new contracts. We have re-built the backlog in line with our strict commercial strategy and this underpins a sustainable, medium to long term recovery. This year’s results have also been affected by some one-off events, such as the accident which occurred on the P55 project, the stand-by period for the Scarabeo 5 and the longer than expected maintenance of the Scarabeo 7”.
Source: Saipem
Oil and Gas Press

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