Saipem SpA,
Europe's biggest oil services company by market value, Wednesday said
second-quarter net profit rose 14%, slightly more than expected, on the year,
as it benefited from its strong order book and a good performance from the
onshore segment, allowing it to confirm 2011 targets.
Saipem, which is 43%-controlled by Italian oil firm Eni SpA, said net
profit climbed to EUR225 million for the three months ending June 30 from
EUR198 million for the same period last year, while revenue added 12% to
EUR3.07 billion. Operating profit increased 10% to EUR364 million over the
period.
A survey of seven analysts polled by Dow Jones Newswires had expected an
average second-quarter net profit of EUR222.2 million on revenue of EUR3.02
billion and operating profit of EUR362.2 million.
Saipem is scheduled to hold a conference call at 1530 GMT, Wednesday. Analysts
said they will focus on comments on outlook for onshore awards given the
disruption in North Africa and continued competition from South Korean rivals. Analysts
also are interested in Saipem's views on progress in the Iraqi market.