Italian oilfield services company Saipem reported a 35% year-over-year increase in first quarter profits, driven by strong performance in its offshore and onshore engineering and construction segments, according to its earnings release on Wednesday.
Saipem posted a profit of €77 million ($87.5 million) for the first quarter, up €20 million compared to the same period in 2024. Revenue also rose significantly, growing 15.5% year-over-year to reach €3.5 billion. Meanwhile, adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) jumped 31% to €351 million.
The company’s capital expenditures saw a 14% rise, totaling €105 million for the quarter. Saipem secured €2.12 billion in new contract awards during the period, helping to lift its contract backlog to €32.7 billion as of 31 March.
Looking ahead, Saipem reaffirmed its 2025 guidance, targeting approximately €15.0 billion in revenue and €1.6 billion in EBITDA, signaling continued confidence in its growth trajectory.