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Investing.com -- Italian energy services company Saipem reported third-quarter EBITDA of €437 million, broadly in line with market expectations, while maintaining its full-year guidance.
The company secured €3.2 billion in new orders during the quarter, bringing its total backlog to €30.5 billion.
By division, Asset Based Services showed continued improvement in profitability, while the Energy Carriers segment posted slightly positive results. The Offshore Drilling division maintained a strong margin of approximately 41%, though lower volumes during the quarter led to reduced EBITDA contribution from this segment.
On the financial front, Saipem reported neutral free cash flow after lease payments, which was impacted by a negative working capital movement of €114 million. The company’s net debt position stands at €411 million including IFRS16 lease liabilities, which translates to approximately €850 million net cash position before IFRS16 adjustments.
Despite solid performance, Saipem did not upgrade its full-year guidance as some analysts had anticipated, particularly regarding cash flow projections.
Saipem shares rose 1% on Thursday following the earnings announcement.
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