Italian energy services group Saipem issued a profit warning on Monday and withdrew an outlook given in October, citing a 'significant deterioration' in margins due to the pandemic and higher raw material costs.
Drilling vessel Scarabeo 9, owned by Italian oil service group Saipem, sails in the Bosphorus in Istanbul, Turkey May 21, 2018. REUTERS/Yoruk Isik/File PhotoMILAN, Jan 31 - Italian energy services group Saipem issued a profit warning on Monday and withdrew an outlook given in October, citing a "significant deterioration" in margins due to the pandemic and higher raw material costs.
Preliminary estimates showed that consolidated adjusted core earnings for the second half of 2021 were down by around 1 billion euros compared with the guidance for a positive adjusted EBITDA given in October, Saipem said.Group revenues for that same period contracted to 3.5 billion euros from a previous estimate of around 4.5 billion euros, the company said ahead of the scheduled earnings release on Feb.
In a statement Saipem said it had opened talks with main shareholders Eni and state lender CDP to test their support for "an appropriate financing package."
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