Saipem installs an offshore wind turbine
Offshore wind losses blow Saipem off course
Engineering and construction company in talks with banks and major shareholders over financing package after loss equal to more than a third of equity
Italian engineering and construction company Saipem, a key player in offshore wind power construction, has withdrawn its latest financial guidance after warning of losses for 2021 equal to more than a third of its equity, due to the impact of the pandemic and rising raw material costs. Profit in the second half of 2021 shrank by €1bn ($1.13bn) compared with Saipem’s outlook from October. Consolidated revenues for the second half of 2021 are expected to be €3.5bn compared with an outlook of €4.5bn. The scale of loss has triggered the right for Saipem’s lenders to accelerate repayment of outstanding loans. Saipem is negotiating with both its banks and shareholders Italian oil and gas company E
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