Saipem : 2020 results hit by challenging North Sea contract
>Underperform rating maintained, caution still in order - 2020 results fell short of expectations mainly due to difficulties with a contract in renewables in the offshore E&C segment. At this stage and out of caution, all the cost overruns related to this project (start-up phase) seem to have been booked. Since the start of the year the stock has posted a performance of close to 9% which, following this release, looks difficult to justify. We have lowered our 202...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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.