FEBRUARY 16, 2015 / 4:30PM, SPM.MI - Preliminary 2014 Saipem SpA Earnings Call CORPORATE PARTICIPANTS Umberto Vergine Saipem SpA - CEO Alberto Chiarini Saipem SpA - CFO and Chief Compliance Officer Gigi Caselli Saipem SpA - COO…
FEBRUARY 16, 2015 / 4:30PM, SPM.MI - Preliminary 2014 Saipem SpA Earnings Call Importantly, for the first time in three years, we have reduced our net debt from EUR4.8b to EUR4.4b. This has been driven by working capital improvement and…
FEBRUARY 16, 2015 / 4:30PM, SPM.MI - Preliminary 2014 Saipem SpA Earnings Call The evolution of the legacy contracts and the progress on pending revenues both had a significant impact on 2014, and we will take you through this now on…
FEBRUARY 16, 2015 / 4:30PM, SPM.MI - Preliminary 2014 Saipem SpA Earnings Call Let's now talk about 2015 business scenario, and let's move to slide number 14. Looking forward to 2015, Saipem's recovery is progressing well, although it…
FEBRUARY 16, 2015 / 4:30PM, SPM.MI - Preliminary 2014 Saipem SpA Earnings Call Moving to onshore drilling, the majority of our rigs are under long-term contracts and we expect their utilization to be more stable. Other rigs, however,…
FEBRUARY 16, 2015 / 4:30PM, SPM.MI - Preliminary 2014 Saipem SpA Earnings Call Umberto Vergine - Saipem SpA - CEO Well, EUR1.1b is the result of two actions that we have taken and achieved during the year. First of all, is a very…
FEBRUARY 16, 2015 / 4:30PM, SPM.MI - Preliminary 2014 Saipem SpA Earnings Call Umberto Vergine - Saipem SpA - CEO We have said that, as we go back to the slide number 16, that if during the first quarter, the project will be terminated,…
FEBRUARY 16, 2015 / 4:30PM, SPM.MI - Preliminary 2014 Saipem SpA Earnings Call We have agreed this integrated schedule. We are working according to that schedule, actually, with the satisfaction of the client, and we are not involved, I…
FEBRUARY 16, 2015 / 4:30PM, SPM.MI - Preliminary 2014 Saipem SpA Earnings Call We are somehow protected by the fact that technology and the asset availability gives us certain [imaging]. We have to hope that, of course, this type of…
FEBRUARY 16, 2015 / 4:30PM, SPM.MI - Preliminary 2014 Saipem SpA Earnings Call Certainly, as we know that has a strong geopolitical importance, so what we don't know is how the discussion on that site progress, either with Turkey --…
FEBRUARY 16, 2015 / 4:30PM, SPM.MI - Preliminary 2014 Saipem SpA Earnings Call Umberto Vergine - Saipem SpA - CEO On the drilling, the process, actually, exactly the process that we have followed, evaluating the commercial perspective…
FEBRUARY 16, 2015 / 4:30PM, SPM.MI - Preliminary 2014 Saipem SpA Earnings Call Umberto Vergine - Saipem SpA - CEO Yes, but this is a concept that is valid every year because every year, in our business, we have a level of uncertainties…
FEBRUARY 16, 2015 / 4:30PM, SPM.MI - Preliminary 2014 Saipem SpA Earnings Call Nick Green - Bernstein - Analyst Thank you. Good evening. Thanks for taking my question. Two questions, please. One -- and apologies for continuing with this…
FEBRUARY 16, 2015 / 4:30PM, SPM.MI - Preliminary 2014 Saipem SpA Earnings Call Nick Green - Bernstein - Analyst Okay. Thank you for that. And just one final question, then please, again trying to broaden it out a bit. Could you talk a…
FEBRUARY 16, 2015 / 4:30PM, SPM.MI - Preliminary 2014 Saipem SpA Earnings Call Umberto Vergine - Saipem SpA - CEO No, no. Our headcount, if we look at the headcount is anyway a headcount that is a function of projects revenues. So,…
FEBRUARY 16, 2015 / 4:30PM, SPM.MI - Preliminary 2014 Saipem SpA Earnings Call We still have a goodwill on those two business units because of the former acquisition of Bouygues Offshore. And the test was performed in accordance to the…
FEBRUARY 16, 2015 / 4:30PM, SPM.MI - Preliminary 2014 Saipem SpA Earnings Call Rob Pulleyn - Morgan Stanley - Analyst Okay. Because obviously you guys or Saipem had its own internal investigation, which as you reported, found no…
FEBRUARY 16, 2015 / 4:30PM, SPM.MI - Preliminary 2014 Saipem SpA Earnings Call Amy Wong - UBS - Analyst All right. That's very kind. Thank you. Umberto Vergine - Saipem SpA - CEO Thank you. Operator David Farrell, Macquarie.…
FEBRUARY 16, 2015 / 4:30PM, SPM.MI - Preliminary 2014 Saipem SpA Earnings Call Operator Andrew Dobbing, SEB. Andrew Dobbing - SEB - Analyst Good evening. Assuming South Stream doesn't go ahead, I'm trying to get a feel for how long…
FEBRUARY 16, 2015 / 4:30PM, SPM.MI - Preliminary 2014 Saipem SpA Earnings Call Gigi Caselli - Saipem SpA - COO No, not for this year. Not this year. Andrew Dobbing - SEB - Analyst And for next year Gigi Caselli - Saipem SpA - COO…
FEBRUARY 16, 2015 / 4:30PM, SPM.MI - Preliminary 2014 Saipem SpA Earnings Call Luigi de Bellis - Equita SIM - Analyst Yes, good evening. Two quick questions for me and the first one on the guidance. Could you split your EBIT guidance…
FEBRUARY 16, 2015 / 4:30PM, SPM.MI - Preliminary 2014 Saipem SpA Earnings Call Operator Andrea Scauri, Mediobanca. Andrea Scauri - Mediobanca Securities - Analyst Yes hi, good evening. Thanks for taking my questions. I have two…
FEBRUARY 16, 2015 / 4:30PM, SPM.MI - Preliminary 2014 Saipem SpA Earnings Call And I am not sure I understood the exact numbers, so can you repeat what is the remaining part of the backlog etc., that you linked to legacy contracts and…
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