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Saipem: cuts 2017 guidance as difficult markets persist.

( - Italian oil services group Saipem on Tuesday reported a "solid operational performance" for the first half of the year, but also cut its revenue guidance for 2017.

Saipem said adjusted earnings before interest and taxes (EBIT) came in at 260 million euros, of which 138 million euros in the second quarter compared to a consensus of 120 million euros.

Revenues reached 4.6 billion euros in the first six months of 2017, compared to 5.3 billion euros in the first half of 2016.

"Despite the persistence of a difficult market context, the company has good visibility for significant order acquisitions in the near future," commented CEO Stefano Cao.

With markets still challenging, particularly in the offshore sector, and new contracts limited, Saipem has cut its revenue guidance for 2017 to approximately 9.5 billion euros, from 10 billion euros.

After these comments, Saipem shares were down 1.3 per cent at 3.4 euros in Milan. They have lost 36 per cent this year.

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