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Saipem withdraws outlook as higher costs, COVID-19 hit margins

Credit: REUTERS/Alessandro Garofalo

January 31, 2022 — 01:13 am EST

Written by Agnieszka Flak for Reuters ->

MILAN, Jan 31 (Reuters) - Italian energy services group Saipem SPMI.MI on Monday withdrew the financial outlook it had given in October, citing a "significant deterioration" in the margins of some projects due to the ongoing pandemic and higher raw materials and logistics costs.

(Reporting by Agnieszka Flak, editing by Giulia Segreti)

((agnieszka.flak@thomsonreuters.com; +39 06 8030 7754;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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