Energy company Saipem’s performance in 2024 confirms, for the third consecutive year, a trajectory of growth and margin recovery for the group, as well as an acceleration in cash flow generation and the strengthening of the company’s balance sheet.
Revenue stood at €14.5 billion in 2024, and EBITDA adjusted at €1.3 billion, corresponding to a growth year on year of 23% and 44% respectively. Net income in 2024 reached €306 million, increasing by 70% compared to 2023.
With a record order intake of €18.8 billion in 2024, the backlog reached an all-time high of €34 billion, providing excellent visibility on Strategic Plan targets.
The 2025-2028 Strategic Plan confirms the path of derisking of the business profile of the group, including an acceleration of the repositioning of the Onshore E&C business as well as the introduction of a new Project Management Consultancy service.
Saipem has updated its strategic guidelines presented in February 2024, confirming the steady improvement of the Group's performance and the favorable market conditions. Guidance and medium-term targets have consequently been revised upwards.
In 2024 Saipem was awarded new contracts amounting to a total of €18,812 million (€17,659 million in the corresponding period of 2023).
The backlog as of December 31, 2024, amounted to €34,065 million (€29,802 million as of December 31,2023), broken down as follows: €22,470 million for Asset Based Services, €10,270 million for energy carriers, and €1,325 million for offshore drilling of which €12,092 million to be executed in 2025.
Including non-consolidated companies, the backlog as of December 31, 2024, amounts to €34,257 million (€29,892 million as of December 31, 2023).
The company’s 2025-2028 Strategic Plan calls for:
• Ensuring the delivery of projects on time and on budget, with HSE as a priority, with a constantly improved cutting-edge fleet, an execution-oriented tendering process and modularization as a key to reduce execution risk.
• Capitalizing on upstream oil & gas upcycle by penetrating new promising markets and strengthening the group positioning in the countries where Saipem already has an established presence.
• Broadening offerings in energy transition, both onshore and offshore, with focus on CCUS, green and blue solutions, bio-fuels/SAF, LNG, offshore wind, nuclear and geothermal energy.
The company’s 2025-2028 Sustainability Plan contains more than 100 objectives and consequent actions, indicators and target on 13 sustainability issues concentrated in three pillars: fighting climate change and protecting the environment, focusing on people, and creating value in the supply chain and in local communities.
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