Saipem has released its results for the first quarter of 2023, in which the improvement in the Group’s performance continued with the acquisition of new orders, revenues and margins growing compared to the first quarter of 2022.
The results are “fully in line with the objectives of the strategic plan, both from a commercial (refocusing towards the offshore segment and commitment to energy transition), operational (progress of projects in line with plans) and financial ( cash generation and net result at breakeven with stable net financial position).
In detail, in the first quarter of 2023, the Saipem Group achieved revenues of 2,582 million euros, +41.6% compared to the corresponding period of 2022.
Adjusted Ebitda stood at 191 million, compared to 115 million in the corresponding period of 2022.
The new orders acquired are equal to approximately 2.7 billion, with over 65% of the acquisitions made in the offshore businesses (E&C and Drilling).
The pre-IFRS 16 net financial position as at 31 March 2023 was positive by 45 million (negative post-IFRS 16 net financial position by 285 million).
During the quarter, the sale of Onshore Drilling in Kuwait was completed.