Saipem above expectations as core energy business gets boost

Saipem beat expectations for first-quarter earnings as an upturn in global oil and gas spending lifted the energy contractor’s core business, putting it on track for a better year. Adjusted core earnings in the period rose 65% to 145 million euros, above a Refinitiv consensus of 103 million euros. Orders in the three months were up 48% at 2.36 billion euros. The results come a month after the company announced a 2 billion euro capital increase in a rescue plan that scaled back its green ambitions to focus on more traditional oil and gas business. “Results are confirming the good momentum in investments in oil and gas in the market… particularly for our offshore activities,” Saipem Chief Executive Francesco Caio said in a call with analysts.