Saipem SpA
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Saipem SpA
Saipem is an Italian engineering and construction company that builds large energy infrastructure. It designs and installs offshore platforms, subsea systems, pipelines, and onshore plants for the oil and gas industry, and it also works on projects tied to gas, carbon capture, and other lower-emission energy systems. In simple terms, Saipem turns engineering plans into physical energy assets in difficult locations such as deep water and remote industrial sites. Its main customers are oil companies, national energy companies, utilities, and other large industrial groups that need complex energy projects delivered from start to finish. Saipem makes money mainly through contracts for engineering, procurement, construction, installation, and drilling-related services. It is paid for executing large projects and for providing specialized vessels, equipment, and technical know-how that many customers cannot easily build in-house. What makes Saipem different is its place in the energy value chain: it is not a fuel producer, but a specialist builder and installer for some of the hardest parts of energy infrastructure. The company’s work depends on heavy engineering skills, offshore logistics, and project execution, so it tends to be used when customers need large, technically demanding projects delivered in harsh environments.
Saipem is an Italian engineering and construction company that builds large energy infrastructure. It designs and installs offshore platforms, subsea systems, pipelines, and onshore plants for the oil and gas industry, and it also works on projects tied to gas, carbon capture, and other lower-emission energy systems. In simple terms, Saipem turns engineering plans into physical energy assets in difficult locations such as deep water and remote industrial sites.
Its main customers are oil companies, national energy companies, utilities, and other large industrial groups that need complex energy projects delivered from start to finish. Saipem makes money mainly through contracts for engineering, procurement, construction, installation, and drilling-related services. It is paid for executing large projects and for providing specialized vessels, equipment, and technical know-how that many customers cannot easily build in-house.
What makes Saipem different is its place in the energy value chain: it is not a fuel producer, but a specialist builder and installer for some of the hardest parts of energy infrastructure. The company’s work depends on heavy engineering skills, offshore logistics, and project execution, so it tends to be used when customers need large, technically demanding projects delivered in harsh environments.
Revenue held up: Saipem reported Q2 revenue of EUR 3.8 billion, up 8% quarter-on-quarter and 3% year-on-year, with first-half revenue at EUR 7.3 billion.
Middle East hit margins: Conflict-related disruption in the Gulf added EUR 70 million of extra costs in the first half and reduced Q2 adjusted EBITDA to EUR 402 million.
Guidance cut: Saipem kept revenue guidance unchanged, but lowered 2026 adjusted EBITDA guidance from EUR 1.9 billion to EUR 1.75 billion because of Middle East costs and the shallow-water drilling disposal.
Cash remains strong: Free cash flow was EUR 189 million in Q2 and close to EUR 400 million in the first half, while operating cash flow reached EUR 841 million and net cash improved to EUR 1.1 billion.
Orders accelerating: Q2 order intake was EUR 4.1 billion, with first-half intake at EUR 5.7 billion and an additional EUR 2.3 billion of awards already announced in July.
Drilling reshaped: Saipem signed a binding deal to sell its shallow-water drilling business for USD 285 million and said its deepwater fleet should be fully booked in 2027.