April 23 (oilnow.gy) Saipem reported revenue of €3.5 billion for the first quarter of 2026, with earnings rising on stronger performance in its offshore and onshore engineering and construction segments.
The company said on April 21 in Milan that adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 24% year-on-year to €434 million, while net profit reached €78 million.
Revenue for the period totaled €3.528 billion, compared to €3.518 billion in the same quarter of 2025. Adjusted EBITDA rose from €351 million to €434 million, representing 12.3% of revenue.
“The results achieved in the first quarter confirm the quality of the portfolio and the strength of the operational and financial performance,” Saipem stated.
New contracts awarded during the quarter totaled €1.7 billion. The company’s backlog stood at €29.6 billion as of March 31, 2026.
Free cash flow net of lease repayments was €199 million. Pre-IFRS 16 net cash was €1.2 billion, while post-IFRS 16 net debt was reduced to €23 million from €272 million at the end of 2025.
Capital expenditure for the quarter was €44 million, compared to €105 million in the corresponding period last year.
Saipem confirmed its 2026 guidance, including expected revenue of about €15.5 billion and adjusted EBITDA of approximately €1.9 billion.
The company said a prolonged disruption in the Strait of Hormuz could affect the delivery of critical components and project timelines.
Saipem, a global entity operational in over 60 countries, boasts a diverse workforce comprising approximately 32,000 individuals representing 130 nationalities. Renowned for its commitment to technological innovation and environmental sustainability, Saipem plays a significant role in key field development projects in Guyana.
Their portfolio includes pivotal ventures like Liza 1 and Liza 2, Payara, Yellowtail, Uaru, Whiptail, Hammerhead and now Longtail.
Saipem’s office in Guyana was opened back in June 201
Brazil Energy Insight 
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