For SAIPEM 2021 has been a year of heavy debt. In a recent press release, the company said the backlog review initiated by its management in anticipation of the results of the performance of the contracts it secured over the last few years highlights a significant drop in profit margins of some of its projects related to Onshore E&C and Offshore wind due to the persistence of the pandemic, and the continuing increase in the costs of raw materials and logistics.
Compared to the outlook announced to the market on October 28, 2021, the company reports a consolidated adjusted EBITDA for the second half of 2021 down by approximately €1 billion, a decline in consolidated revenues for the second half of 2021 from €4.5 billion to €3.5 billion.
As a result of this scenario, the company expects the 2021 statutory financial statements to close with losses exceeding one third of its share capital. For this reason, SAIPEM has initiated preliminary contacts with credit institutions in order to intervene in advance on the potential effects on the loan agreements, as well as with shareholders exercising joint control (ENI and CDP Industria) to verify their willingness to participate in a timely, adequate financial maneuver.
Translation by Giles Foster
