The Italian energy company Saipem raised its expectations for the entire current year on Thursday, and confirmed its intention to resume dividend distribution next year after exceeding expectations in the third quarter results.
Saipem announced adjusted earnings before interest, taxes and amortization of 340 million euros ($366 million) in the quarter from July to September, exceeding all analysts’ estimates of 323 million euros ($349 million), according to data from the London Stock Exchange Group. .
The projects awarded by Qatar and Saudi Arabia helped the value of new contracts reach 6.4 billion euros ($6.9 billion) in the third quarter of this year.
Revenue forecasts
Saipem currently expects its revenues this year to exceed 14 billion euros ($15.12 billion), up from previous estimates ranging from 12.7 billion euros ($13.7 billion) to 13.3 billion euros ($14.36 billion).
EBIT for 2024 is expected to exceed €1.3 billion ($1.4 billion), and capital spending will be less than €400 million ($432.1 million).
Last September, Saipem won a contract worth nearly $2 billion to develop the offshore Marjan oil field in Saudi Arabia.
It also obtained contracts to develop other offshore sites with Saudi Aramco with a total value of about one billion dollars, in addition to a contract related to an offshore field worth $4 billion with Qatar Energy, which is one of the largest suppliers of liquefied natural gas in the world.
