Another difficult quarter with an EBITDA of €-266m, way below consensus. Saipem continues to suffer in its core divisions from delays in project execution, the suspension of Mozambique LNG and operational issues in offshore wind. This prompts management to discuss with its lenders as it will breach its financial covenants at the end of the year. A small positive is the updated outlook for revenues of €7.7-8.2bn, higher than our estimate of €6.4bn.
30 Jul 2021
Q2: negative results as operations struggle
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Q2: negative results as operations struggle
- Published:
30 Jul 2021 -
Author:
Kevin VO -
Pages:
3
Another difficult quarter with an EBITDA of €-266m, way below consensus. Saipem continues to suffer in its core divisions from delays in project execution, the suspension of Mozambique LNG and operational issues in offshore wind. This prompts management to discuss with its lenders as it will breach its financial covenants at the end of the year. A small positive is the updated outlook for revenues of €7.7-8.2bn, higher than our estimate of €6.4bn.