Saipem Group makes £185m loss in 2018

Saipem 7000
Saipem 7000

Italian oil and gas contractor Saipem Group has posted pre-tax losses of £185 million for 2018.

The results worse than in the previous year, when the Milan-headquartered firm suffered pre-tax losses of £90.

In September, former bosses at Saipem were convicted of international corruption by the Court of Milan accounting for the firm’s change in write downs and accruals.

In the ruling, Milan judges sentenced former Saipem chief executive Pietro Tali to four years and confiscated £85 million from the firm.

The court also ordered Saipem to pay more than £350,000 in a “pecuniary sanction” decision.

The firm also confirmed that it was hit by a major cyber attack in December. 

In a statement, Saipem revealed the attack had hit servers in Aberdeen, India and the Middle East and some servers in Italy.

The company said the issue caused it to cancel “data and infrastructures”.

Saipem was involved in the construction phase for the Statoil’s Hywind floating wind farm project off Peterhead in 2017 using the Saipem 7000 crane vessel.

It also participated in the construction of Orsted’s Hornsea project off the Yorkshire coast in 2018.