UPDATE 1-No guidance from Saipem due to coronavirus, oil price slump [Reuters]
SAIPEM SPA UNSP/ADR (SAPMY)
NASDAQ:AMEX Investor Relations:
saipem.com/saipem_en_it/sommario/investor+relations+contacts.page?
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Source: Reuters
No guidance from Saipem due to coronavirus, oil price slump MILAN (Reuters) - The coronavirus pandemic and falling oil prices mean Saipem ( SPMI.MI ) is unable to give financial guidance for this year, the Italian oil services group said on Thursday as it swung to a first-quarter loss. Last week, the group withdrew its previous 2020 guidance, saying the pandemic might trigger a sharp fall in demand and a delay in projects. “It’s a perfect storm ... at the moment the visibility for running operations is limited,” Chief Executive Stefano Cao said in a conference call on first quarter results. Demand for oil and its products have tumbled as governments around the world impose lockdowns to prevent the novel coronavirus spreading, prompting oil majors to slash investments and defer projects to conserve cash. On Thursday, Saipem said it swung to a net loss in the first quarter of 269 million euros ($291 million), from a profit of 21 million euros the previous year, blaming a writedown of
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