Built to inform

Sign up for the daily newsletters

No, Thank you
Lead Text: 
The struggling Italian oil and gas contractor slipped further into the red in the first half of this year, despite significant contract wins

Guilio Bozzini, chief financial and strategy officer at struggling oil and gas contractor Saipem, will leave his post on 15 October this year.

According to a statement by the Italian firm, Bozzini is leaving the company to “pursue other professional experiences”.

“Saipem thanks Bozzini for the work done and for the positive contribution [gained from] his experience and competences,” it added, noting the name of his successor will be announced on completion of the selection process already commenced by the company.

READ: Italian contractor Saipem posts loss of $2.4m in Q1 2018

The process “aims to ensure a fluid and efficient transition as well as an adequate transfer of responsibilities”.

Complying with instructions for the Rules of the Market of Borsa Italiana (the Italian stock exchange), Saipem announced in the statement that Giulio Bozzini holds no shares in the company.

The news comes amid somewhat of a challenging year for the Italian firm. In May, Saipem’s shareholders voted to use capital reserves and retained earnings to cover a massive $593m loss.

READ: Saipem to pay off $593m loss with cash reserves

Two months later in July, it slipped further into the red in the first half of 2018, despite significant contracts won by the oil and gas contractor’s offshore engineering and construction business in Q2 2018.

Adjusted operating profit, a healthier reflection of corporate health than net income, in the group’s offshore engineering and construction business stood at $122.8m in Q2 this year – a 17.3% drop on last year's $148.5m.

 

Article Context: 
News
Jack Ball
Story Relations: 
Saipem struggling in H1, despite Q2 offshore contract wins
Saipem nabs $1.3bn contract to build offshore Gulf pipeline
Italian contractor Saipem posts loss of $2.4m in Q1 2018
Media Embed: 
Published Date: 
Sunday, September 16, 2018 - 08:37
Parent Source id: 
0
Modified Date: 
Sunday, September 16, 2018 - 08:37
Extra Data: 

[{"id":"269","name":"NEWS","parent":"0","menu":"1","UniqueName":"news"},{"id":"286","name":"Human Resource","parent":"-1","menu":"1","UniqueName":"human-resource"},{"id":"2197","name":"Construction Week","parent":"0","menu":"0","UniqueName":"construction-week"},{"id":"50411","name":"construction week online","parent":"0","menu":"0","UniqueName":"construction-week-online"},{"id":"2204","name":"oil and gas","parent":"0","menu":"0","UniqueName":"oil-and-gas"},{"id":"42845","name":"oil and gas construction","parent":"0","menu":"0","UniqueName":"oil-and-gas-construction"},{"id":"45621","name":"oil and gas construction projects","parent":"0","menu":"0","UniqueName":"oil-and-gas-construction-projects"},{"id":"9988","name":"Saipem","parent":"0","menu":"0","UniqueName":"saipem"},{"id":"41671","name":"saipem contracts in the UAE","parent":"0","menu":"0","UniqueName":"saipem-contracts-in-the-uae"}]

Company Relations: 

Most popular

Awards

Deadline approaches for CW Oman Awards 2020 in Muscat
You have until 20 January to submit your nominations for the ninth edition of the

Conferences

CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this
CW In Focus | Leaders in Construction Summit UAE 2019
A roundup of Construction Week's annual summit that was held in Dubai this September

Latest Issue

Construction Week Middle East 11th Jan 2020
Jan 16, 2020