Italian contractor Saipem has won new orders totalling around €2.7 billion (US$2.96 billion) in the first quarter of 2023, with more than 65% of the total in the offshore business – engineering and construction plus drilling.
Key Q1 awards included, in partnership with Aker Solutions, the engineering, procurement, construction, and installation (EPCI) of subsea umbilicals, risers, and flowlines (SURF), as well as subsea production systems for TotalEnergies’ LAPA Southwest deep-water oilfield offshore Brazil.
Saipem’s other wins included the Irpa pipeline for Equinor offshore Norway, the EPCI of rigid pipe-in-pipe flowlines with associated subsea structures for Azule Energy’s Agogo project offshore Angola, and a platform and subsea systems for Saudi Aramco in Saudi Arabia.
Saipem posted revenues of €2.582 billion in the three months ended 31 March, up 41.6% compared to the corresponding period of 2022. Adjusted earnings before interest, tax, depreciation and amortisation (Ebitda) was €191 million versus €115 million one year prior. The company’s Q1 2023 net result was breakeven compared to a €98 million loss in the comparable three months last year.
Saipem said the improvement in its performance continues with the acquisition of new contracts, and a significant growth in revenues and margins in the quarter compared to the first quarter of 2022.
“The results are fully in line with the Strategic Plan objectives, from a commercial (refocusing on the offshore segment and commitment to the energy transition), operational (project progress in line with plan) and financial (cash generation and net result at breakeven with stable net financial position) point of view,” the Italian contractor on Thursday said.
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Saipem had an order backlog, including the backlog of non-consolidated companies, of €24.513 billion as of 31 March.
The company’s new organisational structure is based on five business lines: Asset-based services, energy carriers, robotics and industrialised solutions, sustainable infrastructures and offshore wind.