Offshore staff
SAN DONATO MILANESE, Italy – Saipem’s board expects to announce significant losses in its preliminary consolidated results for the period to Dec. 31, 2021.
Management’s review of the company’s backlog of contracts suggests deterioration in the full life margins of some projects related to E&C Onshore and Offshore wind.
This is due to the continued effects of the pandemic and the current and prospective rise in raw materials and logistics costs, with delays in critical supplies to some offshore wind projects contributing to revised execution times.
Saipem has initiated preliminary discussions with banking counterparties to pre-empt the potential consequences on loan agreements resulting from an occurrence of events referred to in Article 2446 of the Italian Civil Code.
It has also started preliminary discussions with the shareholders exercising joint control over the company – ENI and CDP Industria – to gauge their willingness to support an appropriate and timely financing package.
01/31/2022
