Saipem : Any more nasty surprises in store?
Following implementation problems on several contracts, Saipem has announced a major profits warning for the end of 2021. These difficulties, combined with an inflationary environment, are expected to have a lasting impact on order book margins, which will weigh on the group's credit metrics. In this context, Saipem is forced to take measures to bolster its financial position. In this Special Comment, we detail the various solutions that could be considered. - - - - - - - - >§...Saipem is a global contractor with local presence in Africa, Central Asia, America, the Middle East and South East Asia. Co. provides engineering, procurement, construction and installation services; and engineering, procurement and construction services to the oil and gas industry, both onshore and offshore, with a focus on projects, including activities in remote areas, in deep waters and on projects that involve difficult gas or crude supplies.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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