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As of 12:30 PM 10/31/14 All times are local (Market data is delayed by at least 15 minutes).

saipem spa (SPM) Snapshot

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06/13/14 - €21.00
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saipem spa (SPM) Details

Saipem S.p.A. operates as a turnkey contractor in the oil and gas industry worldwide. It offers engineering, procurement, project management, and construction services for offshore and onshore projects. The company is engaged in the construction of trunk lines, export pipelines, and infield flow lines, as well as pipe-in-pipe, bundles, tie-in, and riser systems for the transportation of oil, gas, and multi-phase products. It also develops subsea deepwater fields; provides subsea construction services, such as subsea field development, and remotely operated vehicles and remote intervention systems operations, as well as subsea inspection, maintenance, and repair; and installs offshore structures, including modular deck drilling and production platforms, well-head, and accommodation platforms. In addition, the company is involved in constructing marine terminals, conventional buoy moorings, jetties, and piers. Further, it provides integrated solutions for large upstream facilities, including oil and gas production, treatment and processing plants, pipeline systems, pumping and compressor stations, and marine terminals; and designs and constructs natural gas liquefaction and regasification facilities, onshore transportation systems, oil refineries, petrochemicals and gas monetization plants, power plants, harbors, and jetties, as well as offers integrated environmental and remediation technologies and services. Additionally, the company operates as a drilling contractor; and owns and operates a fleet of vessels, including construction, drilling, and floating production storage and offloading vessels, as well as yards. The company is headquartered in Milan, Italy.

52,157 Employees
Last Reported Date: 04/15/14

saipem spa (SPM) Top Compensated Officers

Chief Executive Officer and Director
Total Annual Compensation: €683.0K
Compensation as of Fiscal Year 2013.

saipem spa (SPM) Key Developments

Saipem SpA Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Revises Earnings Guidance for the Full Year of 2014

Saipem SpA reported earnings results for the third quarter and nine months ended September 30, 2014. For the period, the company posted a net profit of EUR 212 million compared with a net loss of EUR 229 million in the same period of 2013. Revenues rose 9.1% to EUR 9,475 million and earnings before interest, tax, depreciation and amortisation (EBITDA) soared 91.5% to EUR 992 million. EBIT of EUR 443 million and net debt was EUR 5,130 million. Capex was EUR 475 million against EUR680 million reported for the first nine months of 2013 For the third quarter, the company reported revenues of EUR 3,509 million, EBIT of EUR 150 million, and net profit of EUR 76 million. For 2014, the group, however, lowered its full-year guidance compared with its February forecast update to reflect a year of transition in which continuous market challenges and difficult negotiations on legacy contracts will affect the core earnings. The company kept its 2014 revenue guidance at EUR 13,000 million. Earnings before interest and tax (EBIT), however, are now seen at the low end, EUR 600 million, of the previously expected range of EUR 600 million to 750 million. The 2014 net profit is also forecast at the low end of the EUR 280 million to EUR 380 million range, at EUR 280 million. The company confirmed its capital expenditure (capex) target of some EUR 750 million but revised up its net debt target to EUR 4,700 million from a previously expected range of EUR 4,2 00 million to EUR 4,500 million. The group said its initial net debt guidance was based on the timing of expected revenue payments on legacy contracts, which now take more than expected on the back of deteriorating market conditions.

Saipem Wins Pemex Offshore E&C Contract

Saipem has been awarded engineering and construction contracts in the Gulf of Mexico for around $750 million. Pemex awarded one of the contracts for the offshore development of the Lakach field, at a water depth of 850-1,200m. The scope of work of the contract involves the engineering, procurement, construction and installation of the system connecting the offshore field with the onshore gas conditioning plant. This includes two 73 km long 18-inch diameter flowlines for the transportation of gas, and a main umbilical approximately 50 km long. Saipem will also develop subsea umbilicals, riser, flowlines (SURF) systems at Lakach. The whole project is to be completed by end-2017. Protexa has also awarded Saipem a contract for the transportation and installation of offshore structures, including two 3,000t platform decks in Mexico's Campeche bay that are part of Pemex's development in shallow waters.

Saipem Announces Directors Changes

The Board of Directors of Saipem has appointed as Director Francesco Gattei replacing Fabrizio Barbieri, who resigned in August. Francesco Gattei is a non-executive, non-independent Director and he is not member of any internal committee. He currently holds the position of Senior Vice President Scenarios, Strategic Options & Investor Relations in Eni.


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