Saipem swings back to profit thanks to big contracts in 2019

Italian oil and gas contractor Saipem is celebrating a return to profit for the first half of 2019.

The firm saw pre-tax profits of £1o9 million, a significant rise from losses of £180m in the first half of 2018.

Revenues for the firm were also up by £24m.

Saipem has credited a number of big money contracts for the firm as the reason its return to the black.

Saipem Group posted pre-tax losses of £185 million across the whole of 2018.

It announced two deals this week totalling almost £130 million for offshore drilling work in Romania and Abu Dhabi.

The Italian firm was also amoung a group of firms who won contracts as part of an £18bn bundle released by Saudi Aramco.

Stefano Cao, Saipem chief executive, said: “I am satisfied with the positive results recorded in the first half of 2019 despite a scenario that does not yet show clear signs of recovery and, in particular, even if limited, with the fact that we are back to generating profit.

“These results stem also from the profound organizational and management transformation and from our firm strategic stance to anticipate the energy transition.

“The focus on innovation has allowed us to acquire contracts thanks to our offers of technological solutions, which respect the environment and strive to limit their carbon footprint.”

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