Saipem Trims Earnings Outlook Amid Rising Middle East Costs
Italian oil and gas contractor Saipem has revised down its expectations for 2026 core earnings due to extra costs linked to the Middle East crisis.
The company, which counts Saudi Aramco, QatarEnergy, Abu Dhabi's ADNOC, and other national energy companies among its clients, spent around €70 million in the first half of the year to enhance security for its personnel in the Gulf region and overcome logistical difficulties due to the Iran war.
Saipem now expects its adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) to come in at €1.75 billion this year, down from a previous estimate of €1.9 billion.
The company included both extra costs already incurred due to the conflict in the Middle East and an estimate of future expenses that could affect the second part of the year in its new forecast.