Saipem, an Italian company, reports a 29% increase in its core profit for the third quarter.

Saipem, an Italian energy contractor, reported on Wednesday that its adjusted core profit for the third quarter rose by 29% on a year-on-year due to new orders it received in Turkey and Guyana.

The adjusted earnings before interest taxes, depreciation, and amortization (EBITDA), which LSEG compiled, came in at $437 million ($510 million), just a little bit above the analyst consensus of $433 million euros.

The company reported that the net profit increased 8% on an annual basis to 81 millions euros during the third quarter. However, it missed the consensus forecast of around 127 million due to worsening operations.

Saipem reported that it had won new contracts in the third-quarter worth approximately 3.2 billion Euros, as opposed to 2.2 billion Euros in the previous quarter.

The Milan-based group that announced in February a preliminary merger agreement with Subsea 7 is now seeking regulatory approval to tie up with its Norwegian counterpart.

Saipem has confirmed its core profit forecast of 1.6 billion euros for the entire year. It dismissed concerns that Brent oil below $70 per barrel might cause oil and gas companies to delay new exploration or production activities.

(source: Reuters)