Offshore : ‘Saipem’ revenue for 2019 increased to €9,099 million, of which €2,351 million in the fourth quarter

Italy based oil and gas service company ‘Saipem’ revenue for 2019 increased to €9,099 million, of which €2,351 million in the fourth quarter, as compared to €8,526 million in 2018

• Revenues: €9,099 million (€8,526 million in 2018), of which €2,351 million in the fourth quarter, due to volume increases recorded in the Onshore Engineering & Construction division and the Offshore and Onshore Drilling divisions.
   
• EBITDA: €1,146 million (€848 million in 2018), of which €280 million in the fourth quarter, this increase is attributable to a good operational performance in the Onshore Engineering & Construction division.
   
• Adjusted EBITDA: €1,266 million (€1,002 million in 2018), of which €327 million in the fourth quarter.
   
• Operating profit (EBIT): €456 million (€37 million in 2018), of which €54 million in the fourth quarter.
   
• Net profit: €12 million (a loss of €472 million in 2018), of which a loss of €32 million in the fourth quarter
   
• Adjusted net profit: €165 million (€25 million in 2018), of which €74 million in the fourth quarter, an improvement in financial expenses and a significant decrease of taxes were recorded, partly offset by an increase in results attributable to non-controlling interests.
   
• Special Items – results 2019: write-downs and re-organization expenses of €153 million (write-downs and re-organization expenses of €497 million in 2018), of which €106 million in the fourth quarter.
   
• New contracts: €17,633 million (€8,753 million in 2018); these reach €19.747 million including new contracts awarded to non-consolidated companies

Backlog

In 2019, Saipem was awarded new contracts amounting to €17,633 million (€8,753 million in 2018). The backlog as at December 31, 2019 amounts to €21,153 million (€5,611 million in Offshore Engineering & Construction, €13,007 million in Onshore Engineering & Construction, €737 million in Offshore Drilling and €1,798 million in Onshore Drilling), of which €7,532 million is to be executed in 2020.

The backlog, inclusive of non-consolidated companies as of December 31, 2019, amounted to €24,778 million (€5,611 million in Offshore Engineering & Construction, €16,632 million in Onshore Engineering & Construction, €737 million in Offshore Drilling and €1,798 million in Onshore Drilling), of which €8,347 million is to be executed in 2020

Offshore Drilling Revenues for 2019 amounted to €555 million, a 19.4% increase compared to 2018, mainly attributable to the increased activity by the semi-submersible rig Scarabeo 8 and the drillship Saipem 12000, partially idle in the same period of 2018, and to the contribution of the jack-up Pioneer leased from third parties since January 2019; the increase was partly offset by the inactivity of the Tender Assisted Barge and the semi-submersible rigs Scarabeo 9 and Scarabeo 7.