Energy contractor Saipem posts 39% rise in second-quarter core profit
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) came in at 413 million euros ($485 million) between April and June, beating an analyst consensus of 395 million euros compiled by LSEG.
Saipem's offshore and engineering and construction businesses were the drivers of growth in the second quarter as the group pressed ahead to complete orders achieved in the previous quarters.
New contracts acquired in the period dropped to 2.2 billion euros compared with 4 billion euros in the same period of last year, and were concentrated on its Energy Carriers business.
They included engineering, procurement and construction activities to expand Eni's (ENI.MI), opens new tab biorefinery near Venice and a job related to Eni's carbon capture and storage project in Liverpool Bay, northern England.
The Milan-based group, which in February announced a preliminary agreement to merge with Norway's Subsea 7 (SUBC.OL), opens new tab, said its net income rose 3% to 63 million euros in the second quarter compared with the same period of last year.
($1 = 0.8513 euros)
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