Saipem: Board approves preliminary consolidated results of 2011
The Board of Directors of Saipem S.P.A. Have reviewed - on February 13, 2012 - the Saipem Group preliminary consolidated results of 2011 which have been prepared in compliance with the International Financial Reporting Standards.
• Adjusted net profit for 2011 reached a record level of €921 million, an 11.2% increase compared to 2010.
• Net profit for the fourth quarter of 2011 reached a record level of €258 million, an 8.9% increase compared to the fourth quarter of 2010.
• New contracts won in 2011 amounted to €12,505 million (€12,935 million in 2010), while the backlog at December 31, 2011 stood at €20,417 million (€20,505 million at December 31, 2010).
• Investments in 2011 amounted to €1,199 million, compared to €1,545 million in 2010.
• Proposed dividend: €0.70 per ordinary share and €0.73 per savings share.
• Management outlook for 2012: further increase in revenues, EBITDA and net profit.
The Board of Directors will propose at the Annual Shareholders’ Meeting, set to convene on April 20 and 27, 2012, first and second call respectively, the distribution of a dividend of €0.70 per ordinary share (€0.63 last year) and €0.73 per savings share (€0.66 last year). Dividends will be paid from May 24, 2012 (ex-dividend date: May 21, 2012).
This payout is in line with those of previous years and represents approximately one third of consolidated adjusted net profits.
Saipem is a large, international and one of the best balanced turnkey contractors in the oil & gas industry.
Saipem is a leader in the provision of engineering, procurement, project management and construction services with distinctive capabilities in the design and the execution of large-scale offshore and onshore projects, and technological competencies such as gas monetization and heavy oil exploitation.
The company is organised into two Business Units: Engineering & Construction and Drilling. Saipem enjoys a superior competitive position for the provision of EPC/EPCI services to the oil industry both onshore and offshore; with a particular focus on the toughest and most technologically challenging projects - activities in remote areas, deepwater, gas, “difficult” oil. Its drilling services continue to be distinctive, operating in many of the oil and gas industry’s ‘hotspots’, frequently in synergy with its onshore and offshore activities. Saipem is a global contractor, with strong local presence in strategic and emerging areas such as West Africa, North Africa, FSU, Central Asia, Middle East, and South East Asia.
Saipem employs over 40,000 people comprising more than 110 nationalities.
Saipem has a distinctive Health & Safety Environment Management System and its Quality Management System has been granted ISO 9001:2000 certification by Lloyd's Register Certification.