Italian oilfield services provider Saipem has surpassed its strategic plan targets, reporting revenues of €11,874 million in its full-year 2023 results, a 19% increase compared to 2022. The company also reported adjusted EBITDA reaching €926 million, a 56% rise from 2022.

The company recorded a net profit of €179 million in 2023, of which €100 million was in the fourth quarter.

“Thanks to Saipem’s people and their commitment, we achieved the highest net income of the last ten years, and we closed 2023 with an unprecedented order intake of €18 billion,” said Alessandro Puliti, CEO and General Manager of Saipem.

Notably, Saipem was awarded new contracts totaling €17,659 million in 2023, contributing to a significant backlog amounting to €29,802 million as of December 31, 2023.

“Our strategic plan and the favorable market context will allow Saipem to aim for an improvement in our economic and financial objectives. Today we look to the future with a focus on excellence in project execution, operational flexibility, and an integrated approach across business areas, further broadening our offering in the low and zero-carbon segments,” said Puliti.

Saipem’s strategic plan for 2024 includes a revenue target of €12.7–13.3 billion, an EBITDA margin of approximately 10%, and an operating cash flow amounting to €740–780 million, with a capex equal to approximately €440–480 million.

Looking ahead to the 2024–2027 plan, the company anticipates acquiring orders of approximately €50 billion, with a focus on the low and zero carbon segments, a compound annual growth rate of revenues of 4-5%, and a dividend payout equal to 30–40% of free cash flow.