Italian oil contractor Saipem slashed its guidance for the year on Tuesday as it booked writedowns of 929 million euros ($1 billion) and introduced a restructuring plan that foresees 8,800 job cuts.
In a statement Saipem, which is 43 percent owned by oil major Eni, said it expected to post a net loss this year of around 800 million euros and an operating loss (EBIT) of around 450 million euros.
Previous guidance had pegged net profits for the year at between 200 and 300 million euros and operating profits of 500 to 700 million euros.
In the second quarter Saipem posted an EBIT loss of 949 million euros and a loss of 790 million euros in the first half.
A Thomson Reuters consensus had pegged second-quarter operating profit at 120 million euros.
($1 = 0.9046 euros)
(Reporting by Stephen Jewkes; editing by Francesca Landini)
Featured Jobs
Medical Services Officer
Military Sealift Command
Damage Control Officer- Mixed Work Schedule
Military Sealift Command
Third Assistant Engineer - Mixed Work Schedule
Military Sealift Command
Chief Steward
Military Sealift Command
Deck Engineer Machinist - Mixed Work Schedule
Military Sealift Command
Second Assistant Engineer - Mixed Work Schedule
Military Sealift Command
Second Assistant Engineer
Military Sealift Command
Damage Controlman
Military Sealift Command
Damage Control Officer
Military Sealift Command
Third Officer - Mixed Work Schedule
Military Sealift Command