Saipem Beats Guidance But Sinks Deeper on Writedowns

Italian oilfield services player Saipem has reported loss in 2018 of €472 million ($538 million), on revenues of €8.5 billion ($9.7 billion).

This result compares to net loss of €328 million ($374 million) on revenues of €9 billion ($10.3 billion) for the twelve months of 2017.

Revenues in the Q4 2018 were close to €2.5 billion ($2.85 billion). Full-year 2018 revenues are said to be better than expected from €8 billion forecast.

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