A Review of the Nigerian Energy Industry

Saipem 3Q profit, below market expectations

24 October 2012, Sweetcrude, LONDON – ITALY’s oilfield services group, Saipem, confirmed, Wednesday, its net profit for the third quarter of this year was below market expectations.

The company, a subsidiary of energy giant, Eni, said in a statement its third-quarter net profit increased 10.7% to €249 million ($323 million), below a Thomson Reuters I/B/E/S forecast of €258 million.

Reiterating its forecast for a net profit for the full year of about €1 billion due to a positive order outlook in the fourth quarter, it said new orders in the first nine months of the year totalled €9.14 billion.

Oil industry spending is expected to increase in 2012, even though the widespread uncertainty of the global economy might affect the timing in the award of scheduled projects.

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