Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Italy
  4. Borsa Italiana
  5. Saipem S.p.A.
  6. News
  7. Summary
    SPM   IT0005252140

SAIPEM S.P.A.

(SPM)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Saipem sees uncertain outlook after second quarter loss on writedowns

07/29/2020 | 04:40am EDT

Italian energy services group Saipem painted a gloomy outlook for the year after reporting a net loss of 616 million euros (557.9 million pounds) in the second quarter following writedowns.

The company said the industry faced uncertain demand for oil and gas.

In April the group pulled its 2020 outlook, saying the pandemic might trigger a sharp fall in demand and a delay in projects.

On Wednesday it said its order backlog would allow it to maintain volumes similar to the first half, while efficiency measures and lower investments would keep its adjusted core earnings margin close to 10%.

"This outlook does not factor further and possible tangible business deterioration associated with the intensification of COVID-19," it said.

Lockdowns imposed around the world to slow the spread of the coronavirus throttled demand for oil and gas, prompting oil majors to slash investments and defer projects to conserve cash.

Saipem, a market leader in subsea engineering and construction, said its core earnings in the second quarter were 31 million euros, down from 308 million euros a year earlier.

New contracts in the first half of the year totaled 4.837 billion euros compared to 9.537 billion euros in the first half of 2019.

Saipem, controlled by state lender CDP and oil major Eni, has been looking to develop new lines of business to boost order books, including renewable energy projects. (This story refiles to correct date)

(Reporting by Stephen Jewkes, editing by Louise Heavens)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ENI S.P.A. -1.04% 10.63 Delayed Quote.25.67%
LONDON BRENT OIL -1.08% 73 Delayed Quote.43.56%
SAIPEM S.P.A. -1.88% 2.194 Delayed Quote.1.41%
WTI -0.78% 71.003 Delayed Quote.50.22%
All news about SAIPEM S.P.A.
06/16Norway oil drilling unions agree wage deal, averting strike action
RE
06/16SAIPEM S P A  : new contract awarded by the Abu Dhabi National Oil Company for t..
AQ
06/15Saipem Lands $510 Million Contract to Expand, Upgrade Gas Plant in UAE
MT
06/15SAIPEM S P A  : Horisont Energi selects Saipem and Technip Energies for concept ..
AQ
06/14SAIPEM S P A  : in JV with DSME, awarded a contract by Petrobras for a new FPSO ..
AQ
06/14MARKET CHATTER : Daewoo Shipbuilding Secures Order Worth $983 Million to Build O..
MT
06/07SAIPEM S P A  : and Naval Energies sign an agreement for the acquisition of Nava..
AQ
06/04SAIPEM S P A  : Agrees To Acquire Naval Group's Floating Wind Unit
MT
05/27FACTBOX-State lending giant CDP towers over Italy Inc
RE
05/20SOLSTAD OFFSHORE  : Normand Maximus - Saipem - Settlement agreement
AQ
More news
Financials
Sales 2021 7 415 M 8 828 M 8 828 M
Net income 2021 -276 M -329 M -329 M
Net Debt 2021 1 549 M 1 844 M 1 844 M
P/E ratio 2021 -7,79x
Yield 2021 0,09%
Capitalization 2 180 M 2 598 M 2 596 M
EV / Sales 2021 0,50x
EV / Sales 2022 0,40x
Nbr of Employees 32 000
Free-Float 54,2%
Chart SAIPEM S.P.A.
Duration : Period :
Saipem S.p.A. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends SAIPEM S.P.A.
Short TermMid-TermLong Term
TrendsBullishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 20
Average target price 2,19 €
Last Close Price 2,19 €
Spread / Highest target 70,9%
Spread / Average Target -0,06%
Spread / Lowest Target -63,5%
EPS Revisions
Managers and Directors
NameTitle
Francesco Caio Chief Executive Officer, Director & GM
Antonio Paccioretti CFO & Manager-Financial Reporting
Silvia Merlo Chairman
Paul Simon Schapira Independent Non-Executive Director
Roberto Diacetti Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
SAIPEM S.P.A.1.41%2 692
SCHLUMBERGER LIMITED55.93%47 599
HALLIBURTON COMPANY27.51%21 442
BAKER HUGHES COMPANY18.47%19 114
NOV INC.25.35%6 723
CNOOC ENERGY TECHNOLOGY & SERVICES LIMITED22.59%4 671