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Last $9.40 USD
Change Today 0.00 / 0.00%
Volume 0.0
As of 4:30 PM 03/13/15 All times are local (Market data is delayed by at least 15 minutes).

saipem spa (SAPMF) Key Developments

Saipem Expects to Cut Workforce by 8,800

Saipem announced that the company expects to cut its workforce by 8,800 people in 2015-17.

Saipem SpA Announces Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Earnings Guidance for the Year 2015

Saipem SpA announced earnings results for the second quarter and six months ended June 30, 2015. For the quarter, net loss was EUR 997 million, compared to a net income of EUR 75 million, for the same quarter ended June 30, 2014. Operating revenues were EUR 2.35 billion, compared to EUR 3.07 billion for the same quarter ended June 30, 2014. For the six months, the company reported adjusted LBIT was EUR 579 million. LBIT stands at EUR 790 million because of noncash impairment on selected assets as described by Stefano before, 5 vessels and 2 fabrication yards for EUR 211 million. Net loss for the period was EUR 920 million compared to a net income of EUR 136 million for the same period ended June 30, 2014. Before the working capital write-off and accounting of noncash items, the group underlying EBIT is equal to EUR 139 million. This is an amount to help with comparison before write-offs. Revenues totaled EUR 5.4 billion, affected by approximately EUR 500 million coming from the write-offs of pending revenues. Before this impact, revenues could have been broadly in line with same period of last year. Net debt of 30 June reached the amount of EUR 5,530,000,000, with an increase of EUR 1.11 billion since December 31 and EUR 400 million year-on-year. The operating cash flow generation of EUR 390 million has exceeded CapEx expenditure of EUR 270 billion, showing a positive inflow. Operating revenues were EUR 5.37 billion, compared to EUR 5.97 billion for the same period ended June 30, 2014. The company provided earnings guidance for the year 2015. For the year, revenues are expected to be around EUR 12 billion. EBIT adjusted will be equal to a negative $250 million, reflecting first half write-off. Net result will be equal to a negative EUR 800 million based on reported EBIT of negative EUR 450 million. Expected CapEx is below EUR 600 million after rationalization initiatives. Net debt target of EUR 5 billion, excludes potential impact of currency fluctuation that has already anticipated, are expected to remain equal to approximately EUR 500 million by year-end.

Kuwait National Petroleum Co Provides $1.5 Billion Contract to Hyundai Engineering and Construction, SK Engineering and Construction and Saipem

Kuwait National Petroleum Co it awarded four contracts worth $11.5 billion to international consortia to build a 615,000 barrel per day refinery. A fourth contract valued at $1.5 billion was awarded to Hyundai Engineering and Construction and SK Engineering and Construction and Saipem.

Saipem SpA, Q2 2015 Earnings Call, Jul 28, 2015

Saipem SpA, Q2 2015 Earnings Call, Jul 28, 2015

South Stream Transport B.V. Notifies Saipem S.p.A. about the Termination of the Contract for the Construction of the First Line of the Offshore Section of the Pipeline

South Stream Transport B.V. notified Saipem S.p.A. about the termination of the contract for the construction of the first line of the offshore section of the pipeline, which was signed as part of the implementation of the South Stream pipeline project in 2014. Saipem should receive compensation for the cancellation of the contract for the construction of the first line of Turkish Stream in accordance with its conditions. In addition to the contract for construction work, Gazprom is supposed to pay Saipem about $300 million for the six months that the latter's ships sat idle between the cancellation of the South Stream project and start of Turkish Stream.


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