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Article: Italy: Saipem 2009 guidance helped by strong order backlog.
- Article from:
- TendersInfo
- Article date:
- April 24, 2009
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Byline: sanjayV03
Italian oil service group Saipem forecast on Wednesday "largely positive" results for 2009 thanks to a very high orders backlog, raising hopes that any collapse in the oil price might not be as steep as feared.
Saipem SpA's upbeat news follows Tuesday's surprise increase in first-quarter core profit by Norwegian oilfield engineering company Subsea 7 Inc.
Earlier this month, Norway's Acergy SA reported a smaller-than-expected drop in its quarterly earnings.Saipem's guidance and the results from its Norwegian peers come at a time when many oil and gas producers are rethinking their investments due to falling demand, lower oil ...