Saipem returns to profit on the back of strong offshore division

Italian oilfield services contractor Saipem returned to profit in the first quarter of 2019 from a loss in the prior-year period thanks to strong performance in the Offshore Engineering & Construction division.

According to its financial report for the first quarter of 2019, Saipem’s revenues increased by 12.6% to €2.16 billion ($2.4B) in 1Q 2019 from €1.915 billion ($2.2B) in the first quarter of 2018.

This was due to increases recorded by all divisions, and particularly by the Offshore E&C division.

The company recorded a net profit of €21 million in the first quarter 2019, back from a loss of €2 million in the same period of 2018.

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