Saipem reviews first quarter accounts and prepares new business lines: off shore wind and dismantling of platforms that have reached the end of their run. THE revenues for the first three months of 2017 are down at 2,26 billion (-20% compared to 2016), the operating result fell by -21% el-22% net profit. Increase your net debt, settling at 1,605 billion.
Despite the picture outlined by the quarterly, the oil company stock is the best among the Blue Chips, benefiting from confirmation of the 2017 guidance – who sees a net profit exceeding 200 million – and results in line with market expectations.
Stephen Cao, CEO of the Italian oil service, underlined that Saipem has “strengthened the financial structure, and the new organizational structure will be fully operational from the second quarter”.
Answering questions on the possibility of distribution of profits, Cao said: “Board and assembly must be expressed. For now the priority is to work on activities preparatory to dividends, that is improve results".
The CEO then opened the doors to new business opportunities, to address the high level of market uncertainty which “prevents, in many cases, oil companies from making decisions about their investments. Among the new sectors of activity could be the disassembly operations of the oil rigs and above all the renewable energy, a field in which Saipem can offer “the turnkey development of large wind farms in the North Sea, thanks to the skills and availability of resources".
On the other hand, with regard to the strong local opposition in Puglia to the gas pipeline Tap, for which Saipem is called upon to create thesubmarine infrastructure of the Adriatic Sea, Cao said: “In this preliminary phase we are not involved, from our point of view there are no big worries”.
