Saipem Announces Results for the 3rd Quarter and the First Nine Months of 2022

Source: 10/27/2022, Location: Europe

The Group's performance continued to improve compared to both the nine months of 2021 and the second quarter 2022, with revenues and margins growing at double-digit rates. Full year 2022 guidance revised upwards

Third quarter 2022:
Revenues1: €3,006 million, +21% compared to the second quarter;
EBITDA adjusted1: €215 million, +22% compared to the second quarter.

In the first nine months of 2022:
Revenues[1]: €7,441 million, +47% compared to the first nine months of 2021;
EBITDA adjusted1: €536 million, compared to a negative figure of €291 million in the first nine months of 2021.

Pre-IFRS-16 net debt at end-September: €88 million (€426 million including IFRS-16 effects), confirming the progressive deleveraging path undertaken.

Order intake[2] year-to-date at 30 September totalled €8.6 billion, with approximately €4.6 billion of orders acquired in October, giving a total of more than €13 billion. Around 70% of acquisitions are in offshore businesses.

Onshore drilling disposal: first closing confirmed by the end of October, with cash-in of approximately €0.5 billion euro and the acquisition of 10% stake in KCA Deutag.

Updated full year 2022 guidance (excluding Onshore Drilling):
Revenues: over €9 billion;
Adjusted EBITDA: over €550 million;
Post-IFRS-16 net debt expected to be around €300 million at year-end (including proceeds from the sale of Onshore Drilling).

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