Saipem Reports 36% Rise in Second Quarter Core Profit

Italian energy contractor Saipem confirmed its 2024 guidance on Wednesday after reporting a 36% rise in adjusted core profit in the second quarter compared with the same period of last year.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) came in at 297 million euros ($322 million) between April and June, boosted by growth at its offshore engineering & construction business.

The group won new contracts worth 5 billion euros in the period, including the development of two oil fields off the coast of Angola for TotalEnergies and two offshore projects for Saudi Aramco.

($1 = 0.9218 euros)

(Reuters - Reporting by Francesca Landini; Editing by Kirsten Donovan)