Saipem: 9 months revenues of around 5.1 billion, adj. EBITDA -291 million

In the first 9 months of 2021, Saipem’s revenues amounted to approximately € 5.1 billion (€ 5.4 billion for the first nine months of 2020). Adjusted Ebitda, in the nine months, is negative for 291 million euros and discounts higher costs for offshore wind activities of 170 million compared to what is recognized in the accounts as at 30 June 2021. This is what emerges from the Group’s consolidated interim management report as at 30 September 2021 approved by the board of directors. New contracts for € 4.9 billion ensure good visibility in the medium to long term, supported by adequate financial solidity, thanks to the availability of liquidity for € 2 billion and the unused 1 billion euro revolving facility. The results, underlines a note, are still affected by the continuing difficult economic situation caused by the pandemic emergency and by the slowdowns linked to specific projects. There are signs of improvement in drilling, with an increase in demand and prospects for full use of the fleet Saipem’s revenues for the third quarter amounted to 1.9 billion euros, up 18% compared to the revenues of the second quarter. Adjusted EBITDA was negative for 25 million, an improvement compared to the second quarter of 2021 (negative for 354 million euros). Saipem’s outlook for the second half of 2021 foresees revenues of approximately 4.5 billion euros, positive adjusted EBITDA, expected technical investments of approximately 250 million euros and net financial debt at the end of the year post-IFRS 16 of around 1, 7 billion euros. 2022 will be the year of the transition in which revenues and margins are expected to grow thanks to the significant contribution of offshore activities and drilling, whose signs of recovery are already visible today. In 2023, adjusted EBITDA is expected to return to pre-Covid-19 levels to reach double-digit margins in the second part of the plan. Saipem’s new strategic plan launched by the board provides for this.