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Last €17.90 EUR
Change Today 0.00 / 0.00%
Volume 0.0
As of 11:30 AM 05/6/15 All times are local (Market data is delayed by at least 15 minutes).

saipem-rcv (SPMR) Snapshot

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06/17/14 - €20.99
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saipem-rcv (SPMR) 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-rcv (SPMR) Top Compensated Officers

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

saipem-rcv (SPMR) Key Developments

Saipem Reports Consolidated Earnings Results for the First Quarter of 2015

Saipem reported consolidated earnings results for the first quarter of 2015. For the quarter, the company reported revenues amounted to EUR 3 billion, an increase of 4.5% compared to the first quarter of 2014. This was driven primarily by of the improvement in E&C offshore, up 16% and the drilling segment, which was supported by good offshore fleet utilization and the appreciation of the dollar. Group EBIT for the quarter was EUR 159 million, 25% higher than the first quarter of 2014, with an overall margin of 5.3%, up from 4.4% in the same period last year. This improvement has 2 components. First, the E&C business, where offshore maintains steady average margin compared to first quarter of 2014, with new floater project contributing in line with their margin expectations. In addition, both offshore and onshore improved as a result of lower impact from legacy projects. In conclusion, the continuing improvement of operating profitability resulted in net income growing 26% year-on-year to EUR 77 million. Cash flow totaled EUR 269 million, a 14% year-on-year increase and enough to offset the EUR 150 million CapEx, and also, a portion of the seasonal working capital increase. This negative working capital contribution equaled to EUR 435 million net of ForEx effects. It was mainly connected to an increase of net receivable and work in progress. Net debt in the quarter was EUR 5.2 billion, including a negative net cash impact of EUR 381 million, which relates to ForEx hedging derivatives. Before this impact, net debt was EUR 4.8 billion, which was a decrease of approximately EUR 800 million on a yearly basis and EUR 388 million, higher than at the end of 2014.

Saipem SpA, Q1 2015 Earnings Call, Apr 27, 2015

Saipem SpA, Q1 2015 Earnings Call, Apr 27, 2015

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.


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