Saipem announces a plan of throws again and cut of the costs that includes a reduction of the force job of 8.800 people



Saipem, society of engineering & construction and drilling that work for the field oil & gas, has announced a plan of I to light throw again and cut of the costs of the deterioration of the market in which work the company. "The results of according to trimester 2015 - the managing director Stefano Cao has explained - evidence a scene of deeply deteriotated market. Ulterior repentino the decrease of the price of the oil has created a meaningful discontinuity, than we do not preview to reabsorb in the short-mean period and that it has carried to a more and more marked hardening of the customers on the operating and commercial management of contracts. In this context, Saipem needs of a change of step to the aim to answer effectively more to the new requirements of the customers. Therefore we have launch a deepened process of transformation of the society, that it previews the rationalization of the productive assets and the review of all the processes, and will generate saving accumulated of 1,3 billion euros between 2015 and 2017. This - it has added Cao - will afford to Saipem to improve own competitiveness, to recover profit and to create value, insisting on the own meaningful competitive advantages which the sturdy one and diversified to pocketbook orders, the solid relationship with the customers, the fleet to the vanguard and a patrimony of technologies, competences and experiences that return it only on the market".

The plan of I throw again "Fit for the future" previews between a 2015 and 2017 reduction of the force job of the company of 8.800 people (on about 50.000 dependent of the Italian company) that - has specified Saipem - he is "mostly riconducibile to the completion of some large store clerks and to the rationalization of the activities of business and the geographic presence of the company".

Moreover the plan - Saipem has explained - "is articulated through a rationalization of the pocketbook of asset of the society for rifocalizzare it on countries and activity to greater added value. In terms of geographic presence, the adapted dimensioning the productive operations in some countries between which will be assured Canada and Brazil. In terms of the naval fleet five means are characterized to dismettere since they do not assure commercial opportunities in the changed context. It is moreover in course a review of the processes and the organization of Saipem, to the aim to increase to the rapidity and the efficiency of the operations". "The plan of I throw again - it has specified moreover the Italian company - involves also a rifocalizzazione of the plan of investments, with effects already on the capex for the 2015 previewed hour beneath of 600 million euros".

Moreover Saipem has announced to have clearly estimated the active mail budgetary carrying out devaluations for 929 million euros on the capital of vital exercise and the immobilized ones, with effects on the results and the guidance for the entire year. "The devaluation of the exercise capital clearly, pairs to 718 million euros - it has specified the company - is essentially riconducibile to the hardening in the legal positions on Change Order and Claim by the customers is for situations pregresse that for new circumstances emerged or gotten worse in the course of according to trimester of 2015, let alone to the devaluation of a quota credits which expired in Venezuela, against the ulterior worsening of the recently found situation. The immobilized devaluation of the vital one, pairs to 211 million euros, is relative to destined naval means to destruction as more usable for the execution of projects in pocketbook and to quotas you do not leave of logistic bases that suffer of riprogrammazione and/or cancellation of projects by the main customers of reference with consequent minor employment".

While the relation consolidated semiannual financial institution of Saipem on June 30, 2015, approved of yesterday from the board of directors, anticipates a remarkable deterioration of the business economic performances. The result clearly adjusted turns out of sign negative for -709 million euros respect to a positive result for 136 million euros in the first half of 2014. The revenues record a decrease of the -9,9% last year attesting itself to 5,37 billion euros regarding 5,97 billion euros in the first semester. The operating result adjusted is of sign negative for -579 million euros, included the impact of 718 million euros of placed devaluations of the exercise capital clearly, respect to an operating result of positive sign for 293 million euros in the first six months of 2014. The technical investments pile to 268 million euros regarding 329 million in the first semester of 2014. The debit to clearly fine semester 2015, that negative of 502 million euros to expirations in the semester of derivative of cover changes includes the temporary relative impact clearly, turns out on December 31, 2014 of 5,53 billion euros regarding 4,42 billion.

Sul forehead of the orders, in the first six months of this year new orders for 3,50 billion euros regarding 13,13 billion in the first semester of 2014 turn out acquired. The value of the pocketbook orders on 30 June era of 19,02 billion euros regarding 22,15 billion on December 31, 2014.