Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Saipem swings back to profit thanks to big contracts in 2019

Saipem chief executive, Stefano Cao.
Saipem chief executive, Stefano Cao.

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.”

Recommended for you

More from Energy Voice

Latest Posts