Saipem’s board of directors has confirmed negative earnings of over €1bn resulting from “increased difficulties” due in part to some offshore wind projects that emerged with the company’s backlog review.
The approval by the board confirms the company’s preliminary results that were released on 24 February.
The company said that of the negative earnings of over €.11bn, approximately €580m relates to offshore wind projects.
A further €440m relates to onshore E&C projects, Saipem said.
Adjusted EBITDA was almost €1.2bn in the red last year, compared with positive earnings of €614m in the previous year.
Revenue was down to €6.88bn in 2021 from €7.34bn.
Saipem said it signed new contracts worth €7.2bn last year, which was lower than the €8.7bn signed in 2020.