Saipem Posts Record Order Intake as Offshore Activity Gains Momentum Worldwide

Saipem posted solid fourth-quarter results as strengthening offshore activity around the world supported healthy demand for the firm’s drilling and engineering & construction (E&C) services. Total 2022 revenue jumped 53% year over year (excluding the onshore drilling segment, divested in the second quarter of 2022), and the firmwide EBITDA margin was 7% compared with negative 17% in 2021. We’ll incorporate the firm’s full financial results shortly, but for now we maintain our fair value estimate of EUR 2. Our no-moat rating and stable moat trend are also unchanged following results.