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saipem spa (SAPMF) Key Developments

Saipem SpA Reports Earnings Results for the Second Quarter Ended June 30, 2014

Saipem SpA reported earnings results for the second quarter ended June 30, 2014. For the period, the company reported net profit was €75 million, compared to a net loss of €440 million a year ago. Operating revenues were €3.07 billion compared to €2.25 billion a year ago.

Saipem Wins Drilling Contracts Worth Approximately $850 Million

Saipem S.p.A. has won new drilling contracts in Indonesia, Nigeria, the Arabian Gulf and Latin America worth approximately $850 million of which $540 million are related to offshore activity and refer to four different units of Saipem's fleet. Saipem has signed with Eni Muara Bakau B.V. a contract for the utilization of the Scarabeo 7 which will be operating offshore Indonesia drilling a minimum of 12 wells; the project is estimated to be completed in first quarter 2017. The vessel will remain under contract with Eni until February 2018. Scarabeo 7 is a fifth generation semi-submersible drilling rig, capable of operating in water depths of up to 5,000 feet. Furthermore, in West Africa the contract for the Scarabeo 3 has been extended to March 2015. Scarabeo 3 is a second generation semi-submersible drilling rig, with capacity to operate in water depths of up to 1,500 feet. In addition, NDC has extended the contract for the jack-up rig Perro Negro 2 for 24 months, starting from January 2015, for activities in the Arabian Gulf. In Ecuador, EP Petroamazonas has extended by 10 months the charter of the jack-up rig Ocean Spur, operated (not owned) by Saipem until the end of the first quarter of 2015. Both these jack-up are rigs capable to operate in water depths of up to 300 feet. In relation to onshore drilling, Saipem has been awarded by different client’s new contracts worth approximately $310 million, relating to 31 drilling rigs in South America: 21 in Venezuela, 7 in Peru, 2 in Colombia and one in Ecuador. The contracts have been signed under different terms, varying from three months to two years, and starting at different times during 2014.

Eni SpA To Sell Stakes In Saipem And Rovuma Gas Field

Eni SpA (BIT:ENI) is planning to sell all or part of its stake in Saipem SpA (BIT:SPM) and shedding up to 20% of its giant Rovuma gas field in Mozambique. Eni SpA’s Chief Executive Officer Claudio Descalzi said, "We like Saipem but it's not core to be in a contractor company...It's more a strategic move for us than a need for cash." Eni SpA expects to take a final investment decision on its Rovuma gas field and several floating LNG production plants later in 2014. Proceeds from the Eni SpA's planned €11 billion of disposals will be used to accelerate its makeover into a slimmer exploration and production (E&P) player focused on reserve growth in sub-Saharan Africa and Asia as it targets an annual output growth of 3%.

Saipem Reports Earnings Results for the First Half Ended June 30, 2014; Provides Earnings Guidance for the Year 2014

Saipem reported earnings results for the first half ended June 30, 2014. For the first half of 2014, the company’s revenues amounted to almost EUR 6 billion with more than 50% coming from E&C Offshore, while E&C Onshore only accounted for approximately 30%. EBIT stands at EUR 293 million. Finally, net profit for the first half came in at EUR 136 million. At the end of June, net debt stood at EUR 5.1 billion, a reduction of EUR 0.5 billion compared to the end of March. This positive swing was due to cash flow generated in the quarter that offset capex and to an improvement in working capital flows. For the year 2014, the company now expects revenues of approximately EUR 13 billion, partially impacted by IFRS adjustment; EBIT in the range of EUR 600 million to EUR 700 million. The company expects net profit to be between EUR 280 million and EUR 330 million. And additionally, the company confirms capex for the year of EUR 750 million. And finally, the company has a net debt target of EUR 4.2 billion to EUR 4.5 billion, which will be determined by pending revenue negotiations progress and the timing of legacy contract payments.

Eni Reportedly Plans To Sell 43% Of Saipem

Eni SpA’s (BIT:ENI) new Chief Executive Officer Claudio Descalzi has renewed plans to divest a 43% interest in Saipem SpA (BIT:SPM), reports Reuters. Eni needs to sell assets to finance upstream investment and maintain its dividends, given the decline in oil and gas production due to conflict in Libya and Nigeria along with project delays in Angola and the Kashagan oilfields in Kazakhstan. However, Eni must first cut Saipem's debt, which may slow the divestment process, either through asset disposals or by raising equity, according to a source.

 

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