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Last €11.47 EUR
Change Today -0.26 / -2.22%
Volume 5.7M
SPM On Other Exchanges
Symbol
Exchange
OTC US
BrsaItaliana
BrsaItaliana
OTC US
OTC US
Frankfurt
As of 11:30 AM 04/24/15 All times are local (Market data is delayed by at least 15 minutes).

saipem spa (SPM) Snapshot

Open
€11.83
Previous Close
€11.73
Day High
€11.87
Day Low
€11.42
52 Week High
06/13/14 - €21.00
52 Week Low
01/12/15 - €7.09
Market Cap
5.1B
Average Volume 10 Days
12.3M
EPS TTM
€-0.52
Shares Outstanding
441.3M
EX-Date
05/18/15
P/E TM
--
Dividend
--
Dividend Yield
--
Current Stock Chart for SAIPEM SPA (SPM)

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saipem spa (SPM) Details

Saipem S.p.A. engages in the engineering, construction, and drilling businesses worldwide. It offers engineering, procurement, project management, and construction services primarily for the oil and gas, complex civil and marine infrastructure, and environmental markets. The company offers offshore engineering and construction products and services, including platforms, pipelines, subsea field developments, and MMO activities; and designs and constructs hydrocarbon production facilities, hydrocarbon treatment facilities, and large onshore treatment and transportation systems and facilities. It also provides offshore and onshore drilling services in deep water, in frontier, and remote areas and environment for oil and gas industries, national companies, and independent operators; floating facilities, including floating production storage units, floating LNG units, and floating production units; and drilling facilities, such as semi-submersibles, tension leg platforms, and dry tree units. In addition, it engages in the fabrication and integration, offshore hook-up and commissioning, and operation and maintenance of floating units. Further, it offers cutting-edge technologies for the gas monetization and heavy oil exploitation. Saipem S.p.A. operates offshore drilling fleet, which consists of 17 vessels, including 7 deep-water units, 2 for mid water operations, 2 high specification jack-ups, 5 standard jack-ups, and 1 barge tender rig; and onshore drilling rig fleet that comprises 105 units. The company is headquartered in Milan, Italy. Saipem S.p.A. is a subsidiary of Eni S.p.A.

54,637 Employees
Last Reported Date: 04/2/15

saipem spa (SPM) Top Compensated Officers

Chief Executive Officer and Director
Total Annual Compensation: €683.0K
Compensation as of Fiscal Year 2013.

saipem spa (SPM) Key Developments

Saipem to Appeal Fine Ruling

The Milan Court of Appeal upheld a fine and a confiscation order totaling €25.13 million ($28.6 million) against the Saipem, part owned by Eni, in respect of offenses allegedly committed in Nigeria over a decade ago. The court dismissed Saipem's appeal against a previous ruling by the Court of Milan, which in July 2013 ordered Saipem to pay €600,000 as well as the confiscation of the deposit of €24,530,580 paid by Snamprogetti Netherlands to the Milan Public Prosecutor's office in February 2011 (IOD Jul. 12, 2013). Saipem said 'it will evaluate the reasons for the Court of Appeal's decision and will appeal to the Italian Court of Cassation as it believes there are no grounds for holding it liable. Its involvement in the investigation into the activity of the TSKJ consortium in Nigeria during the 1994-2004 period is solely due to the fact that in 2006 Saipem acquired Snamprogetti, the parent company of Snamprogetti Netherlands BV, which holds a 25% stake of the TSKJ Consortium. The court decision will have no direct financial impact on it because Eni, which owns 43% of the company, undertook to indemnify Saipem for any losses it might incur due to the TSKJ corruption allegations'. In September 2012 a US district court dropped criminal charges against Snamprogetti over charges that it bribed Nigerian officials to win contracts for the Bonny LNG project (IOD Sep. 20, 2012). Seven months before that, however, a former CEO of the Kellogg Brown & Root, which along with Snamprogetti, France's Technip and Japan's JGC was a member of the TSKJ consortium, was sentenced to 30 months in prison under the US Foreign Corrupt Practices Act.

Saipem SpA Reports Preliminary Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Provides Earnings Guidance for 2015

Saipem SpA reported preliminary consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the year, the company reported revenues of €12,873 million compared to €11,841 million reported a year ago. EBITDA was €1,212 million compared to €867 million reported a year ago. Operating profit was €55 million compared to €157 million reported a year ago. Adjusted operating profit was €465 million compared to €157 million reported a year ago. Net loss was €230 million compared to €159 million reported a year ago. Adjusted net profit was €180 million compared to adjusted net loss of €159 million reported a year ago. Cash flow was €927 million compared to €551 million reported a year ago. Capital expenditure in 2014 amounted to €694 million compared to €902 million in 2013. Capital expenditure in 2014 included €260 million in the Offshore Engineering & Construction sector, relating mainly to the ongoing development of the new fabrication yard in Brazil and the maintenance and upgrading of the existing asset base; €55 million in the Onshore Engineering & Construction sector relating to the purchase of equipment and the maintenance of existing assets; €180 million in the Offshore Drilling sector, mainly relating to class reinstatement works for the jack-up Perro Negro 7 and the semi-submersible rig Scarabeo 7, in addition to the maintenance and upgrading of the existing asset base and €199 million in the Onshore Drilling sector relating to 2 new rigs in Saudi Arabia, the upgrading of rigs due to operate in Saudi Arabia and South America, and maintenance of the existing asset base. Net financial debt at December 31, 2014 amounted to €4,424 million, a reduction of €336 million compared to €4,760 million as at December 31, 2013. This is the first reduction in net debt over the past three years. Loss before income taxes was €120 million compared to €30 million reported a year ago. Net cash flow from operations was €1,198 million compared to €452 million reported a year ago. Free cash flow was €510 million compared to a negative free cash flow of €77 million reported a year ago. For the quarter, the company reported revenues of €3,398 million compared to €3,153 million reported a year ago. EBITDA was €220 million compared to €349 million reported a year ago. Operating loss was €388 million compared to operating profit of €171 million reported a year ago. Adjusted operating profit was €22 million compared to €171 million reported a year ago. Net loss was €442 million compared to net profit of €70 million reported a year ago. Adjusted net loss was €32 million compared to adjusted net profit of €70 million reported a year ago. Cash flow was €166 million compared to €248 million reported a year ago. Loss before income taxes was €431 million compared to income before income taxes of €118 million reported a year ago. Net cash flow from operations was €964 million compared to €243 million reported a year ago. Investments in tangible and intangible fixed assets were €219 million compared to €222 million reported a year ago. Free cash flow was €747 million compared to €359 million reported a year ago. For 2015, the company expects revenues of between €12 and €13 billion. This range mainly reflects the uncertainties connected to the South Stream contract while it waits for clear indications from the client on the future of the project. EBIT is expected to be in a range between €500 and €700 million and net income is expected between €200 and €300 million. Capex is expected at around €650 million, slightly below previous long term guidance adopting measures to improve efficiency and contribute to net debt reduction. Finally, the company targets net debt below 4 billion, excluding the impact of currency fluctuations.

Saipem SpA, 2014 Earnings Call, Feb 16, 2015

Saipem SpA, 2014 Earnings Call, Feb 16, 2015

 

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Industry Analysis

SPM

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Valuation SPM Industry Range
Price/Earnings NM Not Meaningful
Price/Sales 0.4x
Price/Book 1.1x
Price/Cash Flow 9.1x
TEV/Sales NM Not Meaningful
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