Good afternoon and welcome to the Q3 results conference call. Im here with Alberto Chiarini, Saipems Chief Financial and Compliance Officer and Vincenzo Maselli Campagna, Saipems new Head of Investor Relations. As some of you may know,…
Overall, Saipems operational strengths and the work we have done over the course of this year have successfully rebuilt our backlog in line with our strict commercial strategy and this will underpin our path of recovery in the medium…
Turning to our financial results on slide 7, as a reminder, please note that all 2014 figures are compliant with new IFRS 10 and 11 accounting principles, governing the consolidation of joint ventures, and 2013 figures have therefore been…
In Drilling, the results are in line with the first nine months of 2013, when taking into account the loss of Perro Negro 6 in July 2013 and the prolonged maintenance of Scarabeo 7 during first half 2014. In a transition year for…
Turning to Net Debt, on slide 8, at the end of September the total stood at 5.1bn, approximately in line with the position at the end of June. If we look at the evolution of net debt in the third Quarter, the cash flow generated broadly…
Moving to slide 9, I will now give you an update on the legacy contracts in our backlog. As indicated due to unstable and worsening market conditions, recently we have seen a progressive change of attitude amongst clients and…
Saipem has made continuous progress in executing its legacy contracts throughout the year. As result of bad weather conditions, we experienced some postponement and now we are expecting to have 1.8 bn worth of low margin contracts still…
As we said in July, we did not expect the pace of new contract awards to continue at the unprecedented level we saw in the first half of the year. Nevertheless, in the third quarter we were awarded in excess of 1.8 billion of new…
Looking now at the current backlog by year of execution on slide 11, 40% will be booked in 2015 and some 50% in 2016 and onwards. Overall we have already in house 9,1 bln for 2015, guaranteeing a comfortable level of workload expected…
We already said that Q3 has been another good quarter of order intake, although as we said at the half year, the pace of new contract awards would not continue at the unprecedented level we saw during the first half. Another important…
As we highlighted previously, our clients are taking a more disciplined approach to capex together with a focus on cost control and also are looking at the option of contractors to be involved from the inception of the project in order to…
With slide 15, which you are familiar with, we provide and update on the contract schedule in our Drilling business. Looking at this chart, you can see that 85% of our deep-water fleet is contracted until the end of 2016. In…
During Q3 we signed new contracts for about one third of the fleet, mainly in Latin America, with durations ranging from 3 months to 2 years. Moreover, as anticipated in our press release yesterday, we signed new contracts for 9 onshore…
You will remember also this slide n 16, illustrating the principal E&C projects for which we have tendered and the opportunities in the market in the short term, indicatively up to the middle of next year. The aggregate value of 14 bn…
Guidance provided in February for 2014 was driven by the uncertainty around the resolution of legacy contracts on the one hand and the overall operational improvement of the business on the other. As the year has unfolded, we won an…
Finally, we have revised our previous Net Debt target of 4.2-4.5bn to 4.7bn. As stated at the half year, our full year Net Debt guidance was predicated on the timing of legacy contract payments which, as discussed, are taking longer to…
We continue to implement the turnaround plan for Saipem. As we do so, it has been a challenging quarter for the oil services sector and there is no certainty as to how long these conditions will remain. While our continued success in…
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