Impairments in offshore drilling drag Saipem into the red

Italian oilfield contractor Saipem sank into the red in the first quarter of the year dragged down by impairments in the Offshore Drilling division.

According to its report on Thursday, Saipem’s revenues in the first quarter of 2020 totalled €2.17 billion ($2.34Bn), a 0.7 per cent increase compared to €2.16 billion ($2.22Bn) in the first quarter of 2019.

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