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Saipem’s profit warning is spurred by huge losses at EDF wind farm off Scotland

© Shutterstockwind services firm
A wind farm at sunset.

Behind Saipem’s shock profit warning last week lurks a huge loss on a contract to supply wind-turbine foundations for an Electricite de France SA project off the east coast of Scotland.

Saipem is late in delivering so-called three-legged steel jackets for 54 wind turbines, exacerbating potential delays at the EDF project, people familiar with the matter said. Saipem’s losses could exceed the value of its contract worth about 550 million-euro ($630 million), said the people, asking not be named as the matter is private.

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