After opening the morning in the volatility auction (and after the profit warning yesterday evening with which the oil company effectively halved its forecasts for 2012), Saipem enters into negotiations and sinks: -37,5% to 19 euros, reaching the lows of the last three and a half years. Also down was the parent company Eni, which lost 4,5% to 18,44 euros with over 22 million pieces traded, almost triple the daily average of the last 30 days.
Yesterday, "following an in-depth examination of the contracts and prospects", Saipem had announced - with closed markets - the revision of the forecasts on 2012 earnings and 2013 revenues and profits. In detail, as regards last year, an Ebit of around 1,5 billion euro is revised (-6% compared to the previous indications) and a net profit of around 900 million. For 2013 the cuts are much more substantial and the group expects an 80% reduction in Ebit in the Onshore Engineering & Construction sector and a 70% reduction in the Offshore sector.
