, was pulled in as general manager in February to help clean up Saipem’s mess. He took a more cautious approach on green investments and refocused on the core subsea exploration and construction business. Yet, the missteps on green contracts will remain a lasting drag.
Saipem’s EBITDA is forecast to recover its pre-pandemic level of about 1 billion euros only in 2025, Refinitiv data show. Its stock, after a rights issue, is down 86% from where it stood before the January profit warning. For Puliti, regaining the market’s confidence looks like a hard slog.
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