Italy's Saipem said on Wednesday its third-quarter adjusted core profit rose 29% year-on-year as the energy contractor pocketed new orders in Turkey and Guyana.
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) came in at 437 million euros ($510 million), marginally beating an analyst consensus of 433 million euros compiled by LSEG.
Net profit rose 8% year on year to 81 million euros in the third quarter, but missed a consensus forecast of 127 million euros due to worsening financial operations, the company said.
Saipem said it won new contracts worth around 3.2 billion euros in the third quarter, compared with 2.2 billion euro in the previous quarter.
The Milan-based group, which in February announced a preliminary agreement to merge with Subsea 7, is seeking regulatory approval for the tie-up with its Norwegian peer.
Saipem confirmed its core profit guidance of 1.6 billion euro for the whole year, shrugging off concerns that Brent oil prices below $70 a barrel could cause oil and gas majors to delay new exploration and production activities.
(Reuters - Reporting by Francesca Landini, editing by Alvise Armellini and Gavin Jones)
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