Saipem-10000 Ship Details and Seafarer Feedback

(Bloomberg) — Saipem SpA, the largest oil and gas contractor in Italy, is set to reduce its workforce by 8,800 positions and divest from several businesses following significant writedowns that propelled the company into an unexpected financial loss. The firm, which operates under the umbrella of Italian oil giant Eni SpA, reported a staggering second-quarter net loss amounting to 997 million euros (approximately $1.1 billion), primarily due to asset writedowns totaling 929 million euros. Analysts had previously anticipated a profit of 39.1 million euros. In a statement, Chief Executive Officer Stefano Cao, who took over from Umberto Vergine in April, noted that the drastic decline in oil prices has caused major operational disruptions that are unlikely to recover in the near future. Clients are adopting a more rigid stance regarding the management of contracts, which further complicates the situation. Saipem now forecasts a pre-tax loss of 450 million euros for 2015, significantly less than the previous projection of a profit that could have reached 700 million euros. This downward revision is the third of its kind since 2013 and follows the recent cancellation of a $2.2 billion project in the Black Sea by PJSC Gazprom.