How Saipem is doing according to Saipem

23 April 20242 weeks ago babelfish

Saipem reported results "in line" with the business plan in the first quarter of 2024 and confirmed its estimates for the full year. The company provided some details on projects in France, Africa and Sweden, where it will deal with CO2 capture. All the details

Saipem gained 1.7 percent today on the Milan stock exchange. The previous day, with markets closed, the energy infrastructure company controlled by Eni and Cassa Depositi e Prestiti had presented the economic results for the first quarter of 2024, which ended with a profit of 57 million euros and revenues of 3 billion: numbers that CEO Alessandro Puliti defined it as “in line with our industrial plan”.

“The first quarter saw net cash generation of 68 million euros, fully in line with our objective for the year of generating approximately 300 million euros of cash,” Puliti explained. The company confirmed its forecasts for the end of the year; in 2025 there will be the first dividend.

At the beginning of 2022, Saipem had launched an alarm on profits: in the closing of the statutory financial statements for the 2021 financial year, there was talk of losses exceeding a third of the share capital. The company was subsequently recapitalized and restructured both in management (Puliti took over from Francesco Caio) and in business : in 2023 it achieved results exceeding the objectives of the strategic plan.

SAIPEM'S NEW PROJECTS BETWEEN FRANCE AND AFRICA

In the presentation event of the first quarter results, Puliti provided some details on some of Saipem's new projects: the company is in "an advanced stage of discussion on two important opportunities in West Africa" and there will soon be "the departure for Courseulles- sur-Mer”, in northern France, where it will participate in the construction of an offshore wind farm.

As for the initiatives in Africa, Puliti said they consist of “a deep-water offshore project where we will install both rigid pipelines and flexible flowlines ” and “a major integrated FPSO/Surf project”.

The restructuring plan drawn up by Saipem after the earnings alarm envisaged a greater focus on the offshore segment.

CARBON CAPTURE

Puliti also spoke about two carbon dioxide capture and storage projects: one in Sweden, on behalf of Stockholm Exergi (in July the two companies had signed a letter of intent on the matter), and one in the "Far East" which will combine gas extraction with the reinjection of CO2 underground to reduce the carbon footprint.

According to the CEO, “we think that the prospects for the CCUS [carbon capture, reuse and storage ] sector are very promising and that Saipem can play a key role. We can cover different steps of the value chain, from CO2 capture to the transport phase."

– Read also: How much Italy risks without carbon capture

IS EVERYTHING WELL IN SAUDI ARABIA?

Financial director Paolo Calcagnini instead reassured investors that "the temporary suspension of 3 Saipem jack-up ships in Saudi Arabia has no particular effects for the company. It is not the cancellation of a contract,” he explained, “but a temporary suspension.”

This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/energia/saipem-risultati-primo-trimestre-2024/ on Tue, 23 Apr 2024 14:22:46 +0000.