In a convention name targeted on Saipem’s 9 month outcomes, Saipem CEO and Common Supervisor Alessandro Puliti mentioned the corporate believes it’s “approaching the turning level within the offshore drilling market, significantly in … deepwater actions”.
“We anticipate to see a big ramp-up in demand from the second half of 2026 onwards,” Puliti mentioned within the name, a transcript of which was posted on Saipem’s web site not too long ago.
Specializing in the corporate’s offshore drilling exercise and up to date awards within the name, Puliti highlighted that “the DVD will begin working for Eni in Indonesia towards the top of 2025”.
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“That is the start of a brand new chapter for the unit, which has operated in West Africa for about two years. We see robust potential for long-term drilling campaigning for DVD in Indonesia,” he added.
Puliti additionally famous that “the Scarabeo 9 semi-sub stays targeted within the Mediterranean Sea and has not too long ago moved from Egypt to Libya, the place she has began working for Eni”.
“The Santorini drill ship will proceed to function in West Africa for Eni in Ghana and within the Ivory Coast earlier than shifting to the Mediterranean Sea to work for Energean,” he added.
“Lastly, the Scarabeo semisub acquired a 12-month extension from Aker BP in Norway and can now proceed to function within the nation till the top of 2027,” he continued.
“In shallow water, we’re additionally engaged in constructive dialogue with Eni in Mexico on the Perro Negro 10 unit,” he mentioned.
Wanting on the firm’s “key financials” of the third quarter, Puliti famous that, in Q3, Saipem “delivered revenues of EUR 3.8 billion [$4.3 billion], with a progress of 1.6 % yr on yr and a couple of.1 % sequentially”.
“EBITDA stood at EUR 437 million [$503 million], rising 28.5 % yr on yr and 5.8 % sequentially,” he added.
“In Q3 2025, we posted the very best quarterly EBITDA since 2012. From a steadiness sheet perspective, we ended the quarter with a steady web money constructive pre-IFRS of EUR 844 million [$972 million] in step with the steering communicated,” he continued.
“Order consumption stood at EUR 3.2 billion [$3.6 billion] in Q3, representing a book-to-bill of 0.9 and an acceleration in comparison with the earlier two quarters. We anticipate this momentum to proceed into This fall,” he went on to state.
Puliti identified within the name that the corporate’s income “has stored on climbing up during the last 4 years on the again of the expansion in backlog and supported by our regular execution”.
“EBITDA has additionally always elevated because of the high quality of the brand new awards and to the decreased weight of legacy initiatives,” he mentioned.
“The shifting combine towards offshore E&C 2 and the progress made on the legacy backlog has resulted in EBITDA margin greater than doubling and getting near the 12 % mark,” he added.
“As seen in earlier years, we anticipate the fourth quarter to be seasonally robust additionally in 2025. Within the first 9 months of the yr, money conversion stays near 90 %, having generated an working money circulate virtually equal to what we delivered within the full yr 2024,” he went on to state.
In its third quarter and 9 month outcomes assertion, which was posted on its web site, Saipem mentioned “the development of enchancment in operational, financial, and monetary efficiency that began in 2022 continues within the third quarter of 2025”.
“Income for the primary 9 months of 2025 stood at EUR 11 billion [$12.6 billion], rising by 8.4 % in comparison with the earlier yr, and EBITDA reached EUR 1.2 billion [$1.3 billion], rising by 32.7 %,” it added, mentioning that “web outcome grew by 7.3 % to EUR 221 million [$254 million]”.
“In the identical interval, the Internet Monetary Place improved by EUR 161 million [$185 million], even accounting for the fee of EUR 333 million [$383 million] of dividends,” Saipem famous within the assertion.
“The order consumption quantities to EUR 7.5 billion [$8.3 billion] within the first 9 months of 2025, sustaining the backlog worth above EUR 30 billion [$34.5 billion],” it continued.
In a press release posted on its website on October 21, Saipem mentioned it had strengthened its offshore drilling order consumption with new contract awards and extensions price a complete quantity of roughly $135 million, “additional reinforcing its presence in key strategic areas reminiscent of West Africa, the Mediterranean, and the Far East”.
In one other assertion posted on its website on October 15, Saipem introduced that it, in consortium with BOS Shelf LLC and BOS Shelf Worldwide FZCO, had been awarded three new offshore contracts for the Shah Deniz Compression venture operated by BP in Azerbaijan. The general worth of the contracts is roughly $700 million and Saipem’s share quantities to $600 million, the corporate highlighted in that assertion.
Saipem describes itself on its web site as a worldwide chief within the engineering and development of main initiatives for the vitality and infrastructure sectors, each offshore and onshore. The corporate states on its website that it’s current in additional than 50 international locations around the globe and employs about 30,000 folks of over 130 nationalities.
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