Saipem, in 2021 losses of 2.4 billion and revenues of 6.8 billion, weighs the result backlog review of E&C projects

Saipem closes 2021 with revenues of 6,875 million euros (7,342 million euros in 2020); adjusted EBITDA negative for 1,192 million euros (positive for 614 million euros in 2020) with a loss of 901 million euros in the fourth quarter. The result of the backlog review on E&C projects weighed on the fourth quarter and the year for 1,020 million euros. The 2021 adjusted operating result was negative for 1,713 million euros (positive 23 million euros in 2020) and the net result recorded a loss of 2,467 million euros (loss of 1,136 million euros in 2020). This was announced by Saipem, whose board of directors yesterday approved the 2021 consolidated financial statements, the 2021 draft financial statements, confirming the 2021 preliminary adjusted consolidated management data. euro at 31 December 2020), an improvement compared to the third quarter (1,673 million euro). In 2021 new orders were acquired in 2021 for 7,208 million euros (8,659 million euros in 2020), the acquisitions of the fourth quarter, more than five times higher than those of the third quarter, confirmed the expectations of recovery of investments in the ‘Oil & Gas. The review covered 22 projects, representing approximately 80% of the total consolidated backlog value existing at 30 September 2021 and approximately 88% of the consolidated backlog of the E&C segments at the same date, in particular approximately 74% of the offshore E&C backlog and approximately 95% of the onshore E&C backlog. The result of the backlog review was the revision of the margins of 8 projects, which led to a negative impact on the adjusted ebitda 2021 of approximately 1 billion euro, due to the expected life-long losses, recognized in the fourth quarter of 2021. Dell ‘negative impact on 2021 adjusted EBITDA of 1 billion, around 580 million euros relate to offshore wind projects and around 440 million euros relate to onshore E&C projects.