2012 Guidance Review and 2013 Outlook January 2013
Agenda Update on Milan Prosecutors investigation 2012 Guidance Review 2013 Outlook Market Context 2013 Guidance 2013 E&C Onshore Outlook 2013 E&C Offshore Outlook 2013 Drilling Outlook Looking Ahead Operational review…
Update on Milan Prosecutors investigation 4
Update on Milan Prosecutors investigation In respect of the ongoing investigation being carried out by the Milan Prosecutor, Saipem continues to engage and fully cooperate with his office Clients continue to be supportive since the…
2012 Guidance Review 6
2012 Guidance Review Previous 2012 Guidance 2012 Guidance Revenues: 13 bln 13 bln EBIT: 1.6 bln 1.5 bln Net profit: 1.0 bln 0.9 bln Capex: 1.0 bln 1.0 bln Net Debt: 4.3 bln Lower than expected recovery of claims from…
2013 Outlook 8
Market Context Prolonged uncertainties in global economic outlook 2009-11 resulting in highly competitive E&C market 2012 Delays and slower rate of large project sanctioning Implications for Saipem Slowdown of financial…
2013 Guidance Revenues: 13.5 bln EBIT: 750 mln Net profit: 450 mln Capex: 0.9 bln - 1 bln 10
2013 E&C Onshore Outlook E&C Onshore EBIT (-80% vs 2012) due to a combination of factors: The majority of contracts to be executed in 2013 are less profitable than those carried out and concluded in 2012 (e.g. Middle East, Nigeria…
2013 E&C Offshore Outlook EBIT for Offshore E&C is expected to be down by 70% on 2012, due to: Reduced activity in high margin contracts which underpinned 2012 results, mainly in Baltic Sea, West Africa and Caspian Sea, now either…
2013 Drilling Outlook Positive and solid outlook for Drilling business based on the Saipem fleets long-term contractual commitment EBIT: 20% increase compared to 2012 In Offshore Drilling, revenues and margins are expected to…
Looking Ahead 14
Operational review The new management team has commenced a comprehensive operational review of the entire business The objective is to quickly ensure an operating structure to deliver: improved execution to capture project…
Market Opportunities E&P Spending Forecast* Bln 700 Global E&P spending is set to further increase in 2013 by 7%* versus 2012 350 supporting ongoing opportunities for the 0 Oil Services industry 2009 2010 2011 2012E 2013E *…
Drivers for recovery From Expected significant rebound in financial performance thanks to: 2014 Saipems robust industrial business model: Large/complex EPC projects management capability State-of-the-art offshore fleet Strong…
Conclusions 18
Conclusions Today Guidance revised for 2012 and 2013 Lessons learned from previous commercial results Decisive management action taken to address financial performance Looking Ahead Strong external market drivers Attractive…
Appendix 20
New Management Umberto Vergine, appointed CEO on December 5th, 2012 Saipem Director since 2010 Former COO of Eni G&P division Former EVP in Eni E&P division Spent 20 years overseas covering various leading positions, managing…
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