Saipem withdraws 2020 guidance over growing market uncertainty

Must Read

Global oil demand returning – says ConocoPhillips executive

(Reuters) - U.S. oil producer ConocoPhillips sees global demand returning to 100 million barrels per day and...

Seadrill targeted in operation carwash probe

Offshore drilling company, Seadrill Ltd., has been targeted in the ongoing criminal investigation by the Federal Police...

Over 1,000 surveys conducted with Guyanese companies to guide capacity building activities for oil and gas

The Center for Local Business Development (CLBD) is continuing its push to improve the capabilities of Guyanese...
OilNOW
OilNow is an online-based Information and Resource Centre which serves to complement the work of all stakeholders in the oil and gas sector in Guyana.

Italian multinational oilfield services company Saipem said on Wednesday the growing uncertainty caused by the COVID-19 pandemic might cause a sharp demand contraction and consequently a delay of some its projects.

Saipem said its Board of Directors resolved to withdraw the 2020 guidance, which was communicated on February 26. It is reserving the right to issue a new guidance should the market conditions become more stable.

The Board of Directors will continue to monitor the scenario and will promptly update investors accordingly, Saipem said.

“The backlog and the balance sheet of the Company remain very solid, the available liquidity is in line with the financial planning and is appropriate to support operational needs,” Saipem stated.

In addition, with regards to Saipem Group’s financial debt, there are no significant maturities in 2020 and 2021, following the early redemption of 500 million euro bond maturing in 2021.

Saipem said as planned in the financial calendar, the Board of Directors will convene on April 22, 2020 to analyse the results as of March 31, 2020, and the shareholders’ meeting will take place on April 29, 2020 in compliance with the terms already communicated to the market.

In Guyana, Saipem has been awarded subsea contracts for the first two phases of the Liza development in the offshore deepwater Stabroek Block. The company had announced in November 2019 that it was awarded a contract for the proposed Payara development project also located at the Stabroek Block.

- Advertisement -

Latest News

Global oil demand returning – says ConocoPhillips executive

(Reuters) - U.S. oil producer ConocoPhillips sees global demand returning to 100 million barrels per day and...

Seadrill targeted in operation carwash probe

Offshore drilling company, Seadrill Ltd., has been targeted in the ongoing criminal investigation by the Federal Police of Brazil – Operation Car...

Over 1,000 surveys conducted with Guyanese companies to guide capacity building activities for oil and gas

The Center for Local Business Development (CLBD) is continuing its push to improve the capabilities of Guyanese companies to tap into opportunities...

Guyana can become world supplier of natural gas – Bobby Gossai Jr.

Guyana can become a world supplier of Liquified Natural Gas (LNG) in the coming years, given the vast hydrocarbon resources found offshore...

Guyana remains confident in ICJ, committed to international law – President Ali tells UN General Assembly

In his inaugural address to the United Nations General Assembly on Wednesday, September 23, Guyana’s President, Dr. Irfaan Ali, affirmed the South...

More Articles Like This