Saipem SpA revised earnings guidance for the full year 2012. For the full year 2012, due to a lower than expected recovery of claims from clients on the E&C projects and reduced activity across the E&C business during the last quarter, the company expects EBIT to come in 36% lower than previously anticipated, at around EUR 1.5 billion and net income to be in the region of EUR 900 million.

The company is now projecting revenues for the full year 2013 to be in the region of €13 billion to €13.5 billion, EBIT of EUR 750 million, net income of EUR 450 million and capital expenditure of EUR 0.9-1 billion.