Saipem: First half 2015 results and turnaround plan
Repositioning Saipem to compete and create value in the new market context
San Donato Milanese, July 28, 2015 – The Board of Directors of Saipem S.p.A. today approved Saipem’s consolidated Six-Month Report at June 30, 2015, and endorsed an incisive turnaround and cost cutting programme that will enable the Company to compete and create value in the new market context.
Highlights:
In-depth review of Saipem’s competitive positioning in a highly deteriorated market environment:
• Total write-downs of €929 million of net current and capital assets
• Rationalization of construction yards and disposal of vessels
• Expected cumulative savings for 2015-2017: €1,300 million
• Repositioning the company towards higher value core business segments
• Strategic plan brought forwards, to be issued by the Q3 results announcement
First-half results take into account the termination of the South Stream contract and write-downs carried out in the second quarter:
