Saipem anticipates a challenging year for its offshore drilling segment, forecasting a "double-digit" decline in related earnings for 2026. This expected downturn is attributed to a combination of factors including a concentration of maintenance activities for specific rigs (Peronegro 4, Peronegro 8, Peronegro 11, and Scarabeo 10), which will reduce their operational days. Additional pressures come from uncontracted periods ("white spaces") in the deepwater fleet's schedule and lower dayrates being secured for some rigs.

Financial Performance and Guidance

Despite the drilling headwinds, the company provided overall 2026 guidance projecting flat revenues of approximately €15.5 billion and higher Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of €1.9 billion. This guidance is reported to be almost entirely supported by projects already in the company's substantial backlog, which stood at about €31.5 billion at the end of 2025. The company's fourth-quarter 2025 revenue was €4.5 billion, a 2.2% increase from the same period in 2024.

Strategic Outlook and Order Intake

Looking beyond the near-term drilling market softness, management expressed a positive longer-term outlook for both its drilling and Engineering & Construction (E&C) divisions. This optimism is underpinned by a renewed focus from oil producers on exploration activity. The curve for new order intake is expected to be skewed toward the second half of 2026, with a number of final investment decisions on projects anticipated in the second and third quarters, leading to stronger third and fourth quarters.