Saipem Paints Gloomy Outlook for the Year

Italian energy services group Saipem painted a gloomy outlook for the year after reporting a net loss of 616 million euros ($723 million) in the second quarter following writedowns.

The company said the industry faced uncertain demand for oil and gas.

In April the group pulled its 2020 outlook, saying the pandemic might trigger a sharp fall in demand and a delay in projects.

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