Saipem Maintains Forecast Despite Profit Decline
Despite a significant drop in profits due to the conflict in the Middle East, Saipem has maintained its revenue forecast for 2026 and continues to secure new major contracts.
Petrus
The Italian company Saipem, which specializes in servicing oil fields, has maintained its revenue forecast for 2026 despite a significant drop in profits in the second quarter, caused by the conflict in the Middle East that impacted its operations.
Financial Results
In the second quarter, Saipem's net profit amounted to 18 million euros (20.5 million dollars), which is 71% less compared to 63 million euros in the same period last year. Meanwhile, net revenue increased by 3%, reaching 3.82 billion euros compared to 3.69 billion euros a year earlier.
Operations and New Contracts
Despite ongoing logistical and operational challenges related to the conflict in the Middle East, the company ensured the completion of all current projects and the safety of its personnel. In the second quarter, Saipem secured new contracts worth 4.07 billion euros, nearly double the figure for the same period last year (2.18 billion euros). The order backlog at the end of the first half of 2026 stood at 5.74 billion euros.
Forecasts and Expectations
Saipem confirmed its revenue forecast for 2026 at 15.5 billion euros and capital expenditures of 450 million euros. The company expects project execution in the Middle East to remain stable.
Additional Information
On Tuesday, Saipem will hold a conference call with analysts.