Eni operates in engineering, construction and drilling both offshore and onshore for the oil&gas industry through Saipem, a subsidiary listed on the Italian Stock Exchange (Eni's interest is 43%).
In the Engineering & Construction segment, the difficulties incurred in certain projects, mainly in the E&C Onshore and Offshore segments, affected severely the business profitability in 2013.
Despite this, the sector expects to recover its profitability already in 2014 and to improve gradually marginality in the following years leveraging on the completion of low-margins contracts still present in the current portfolio, effective commercial discipline and investment activities recently completed. These actions will strengthen Saipem’s business model in strategic areas and in strategic markets (projects of large dimension and with high technological complexity, in adverse environmental conditions).
Orders acquired amounted to €10,653 million (€13,391 million in 2012), 94% of which relating to the works outside Italy, while 14% orders from Eni Companies.
Order backlog amounted to €17,514 million at December 31, 2013 (€19,739 million at December 31, 2012), of which €9,244 million to be fulfilled within 2014.
Last updated on 12/06/14