Saipem said on Wednesday that it bagged four work orders worth $450 million from Saudi Aramco.
 
The company made the announcement in a statement outlining its first quarter 2021 results.
 
The nature of the work orders wasn't disclosed but Saipem said they would be included in the backlog in the second quarter.
 
The statement also said the company's Long-Term Agreement (LTA) frame agreement with Saudi Aramco has been extended for three years with an option of additional three years. The LTA is for conventional offshore Engineering and Construction (E&C) activities related to further development plans of existing fields in the Kingdom.
 
The statement said the order backlog remains at a record level of over €25 billion ($30 billion) due to new contract awards in the first quarter worth approximately €1.6 billion ($2 billion), in line with the revenues for the period while the adjusted EBITDA margin stood at 5.4 percent.
 
Stefano Cao, Chief Executive Officer, said: “The results of the first quarter of 2021 are inevitably affected by the overall economic context, which is still heavily impacted by the pandemic crisis, by the slowdown of E&C activities in some projects and by the recent events in Mozambique. Over these years, Saipem has demonstrated resilience and adaptability in dealing with complexity in challenging scenarios. In a continuously evolving market, the company has solid fundamentals to face at best future challenges.”
 
(Writing by SA Kader; Editing by Anoop Menon)
 
 
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