Saipem Skids to Q3 Loss, Plans Job Cuts

Italian oil contractor Saipem posted a third-quarter loss of 1.978 billion euros ($2.15 billion) after asset writedowns, forecasting revenues in 2017 below those expected this year as the industry crisis continues.

 

In a statement Saipem said it expected sales to be around 10 billion euros in 2017 from some 10.5 billion euros this year.

 

It said it would be cutting 800 jobs in Europe in the 2017-2020 period.

 

"Market recovery is delayed to 2017 and beyond," the Saipem chief financial strategic officer said in a call with reporters.


($1 = 0.9189 euros)

(Reporting by Stephen Jewkes; editing by Francesca Landini)