Double-whammy for the contractor, which posted results below consensus and is left with many unknowns in Mozambique. The pandemic continues to impact project execution with delays and rescheduling. In Mozambique, Saipem is in close cooperation with Total and is not in a position to evaluate its impacts on its financials for 2021. The contract is worth €4bn in Saipem’s backlog with €1.4bn for the rest of the year.
