Slide 1: First Quarter 2022 Results
FIRST QUARTER 2022 RESULTS April 21st, 2022 0
Slide 2: Disclaimer
Disclaimer NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION This communication does n
Slide 3: Agenda
Highlights and business update Agenda 1Q 2022 results Appendix 2
Slide 4: Positive start of the year - 1Q 2022 Highlights
Positive start of the year - 1Q 2022 Highlights €145mn €1.25bn Group Adjusted EBITDA Net Debt post IFRS-16 Positive impact of In line with FY 2022 target financing package €2.4bn €23.9bn Order Intake Backlog1 O&G growth cycle Sizable backlog 1. Of which c. 1.8 B€ non-consolidated @ the end of March
Slide 5: Financing package progressing in line with expected schedule
Financing package progressing in line with expected schedule Irrevocable commitment by Eni and CDP Industria (“Main Shareholders”) to subscribe the rights issue pro-rata to their respective stakes (c.43%) The Main Shareholders paid 646M€ as contribution for future share capital increase at the end o
Slide 6: Positive offshore commercial momentum
Positive offshore commercial momentum Main awards 1Q 2022 DRILLING OFFSHORE E&C OFFSHORE Scarabeo 8 Scarborough • Client: Aker BP • Client: Woodside on behalf of the • Location: Norway Scarborough JV • Contract duration: 3 years + 2 1-year options, • Location: Australia activities starting from end
Slide 7: Well-diversified and sizeable backlog
Well-diversified and sizeable backlog IFRS backlog Total backlog (incl. non-consolidated) E&C Offshore Drilling Offshore IFRS backlog Non-consolidated E&C Onshore Drilling Onshore 22,733 M€ 22,179 M€ 23,934 M€ @Dec. 31, 2021 @Mar. 31, 2022 @Mar. 31, 2022 1,497 1,452 360 892 7% 6% 1% 4% 1,755 7,437 7
Slide 8: Agenda
Highlights and business update Agenda 1Q 2022 results Appendix 7
Slide 9: 1Q 2022 group results
1Q 2022 group results YoY comparison (M€) Revenue Adjusted EBITDA1 Adjusted net result1 1,942 1,618 145 88 1Q21 1Q22 1Q21 1Q22 -105 -85 5.4% 7.5% 1Q21 1Q22 1. Excluding special items Adj. EBITDA (%) 8
Slide 10: 1Q 2022 results – E&C
1Q 2022 results – E&C YoY comparison (M€) E&C offshore E&C onshore Revenue Adjusted EBITDA Revenue Adjusted EBITDA 1.4% margin 7.8% 4.8% margin 1.2% 832 905 863 65 43 557 10 8 1Q21 1Q22 1Q21 1Q22 1Q21 1Q22 1Q21 1Q22 • Higher volumes driven by Middle East • Revenue increase Asia Pacific, Americas and
Slide 11: 1Q 2022 results – drilling
1Q 2022 results – drilling YoY comparison (M€) Drilling offshore Drilling onshore Revenue Adjusted EBITDA Revenue Adjusted EBITDA 129 28.2% margin 31.0% 19.2% margin 25.4% 118 40 78 78 30 22 15 1Q21 1Q22 1Q21 1Q22 1Q21 1Q22 1Q21 1Q22 • Revenue increase mainly driven by Saipem 10000, Scarabeo 9 and t
Slide 12: 1Q 2022 results – P&L YoY comparison
1Q 2022 results – P&L YoY comparison Group – Adjusted Group – Reported Income Statement1 Income Statement M€ 1Q 21 1Q 22 Var. 1Q 21 1Q 22 Revenue 1,618 1,942 324 1,618 1,942 Total costs (1,530) (1,797) (267) (1,545) (1,810) EBITDA 88 145 57 73 132 margin 5.4% 7.5% 4.5% 6.8% D&A (122) (131) (9) (122)
Slide 13: Net debt reduced by contribution for future capital increase
Net debt reduced by contribution for future capital increase 1Q 2022 Net Debt Evolution (B€) 1.54 0.32 0.05 0.01 1.41 (0.46) 0.17 1.22 (0.05) 0.30 1.25 0.01 Net debt IFRS 16 Net debt Adjusted Cash Delta WC Capex Others1 Net debt Eni IFRS 16 Net debt 31-Dec-2021 impact 31-Dec-2021 Net Result Special
Slide 14: Debt maturity profile and liquidity
Debt maturity profile and liquidity Analysis as of 31 March 2022 Bonds and banking facilities maturities (M€) - Total 3.35B€1 Bonds 901 174 708 Bank Facilities 64 95 566 560 500 ECA Facilities 163 66 60 113 Other Debt Billion € 1Q 22 500 500 95 500 500 15 500 0 95 15 Gross Debt 3.71 Apr-Dec o/w 2022
Slide 15: Closing Remarks
Closing Remarks Positive start of the year, Q1 results driven by Offshore E&C and Drilling Continuing offshore commercial momentum Financing package progressing as expected Shareholders’ Extraordinary Meeting to be held on 17 May 2022 to resolve on: • Reduction of the share capital due to losses thr
Slide 16: Agenda
Highlights and business update Agenda 1Q 2022 results Appendix 15
Slide 17: 1Q 2022 backlog distribution by year and breakdown
1Q 2022 backlog distribution by year and breakdown Sizeable backlog provides support for the mid-term Current E&C backlog including non-consolidated (M€) 8,010 375375 7,573 4% 5% 243 717 22% 6,596 360360 429 220 2% 4,681 2,943 4,295 67% 2,287 3,073 2,711 NON-OIL 76% 2,132 RENEWABLES & INFRASTRUCTURE
Slide 18: ~30 B€ of globally diversified opportunities in the short run
~ 30 B€ of globally diversified opportunities in the short run Europe c. 3.0 B€ Asia Pacific ▪ Conventional ▪ Pipelines c. 0.6 B€ Americas ▪ Renewables & green ▪ Conventional ▪ Pipelines c. 5.5 B€ c. 4.7 B€ Middle East ▪ ▪ Pipelines Conventional ▪ Downstream c. 2.5 B€ c. 2.4 B€ ▪ Renewables & green
Slide 19: Onshore Drilling fleet utilisation improved
Onshore Drilling fleet utilisation improved FLEET @ MARCH 31, 2022: 66 RIGS1 AMERICAS EMEA 30 RIGS1 36 RIGS1 AVERAGE UTILISATION AVERAGE UTILISATION RATE2 IN 1Q22: 40% RATE2 IN 1Q22: 76% vs 32% in 1Q21 vs 55% in 1Q21 1Q22 AVERAGE2 UTILISATION RATE: 59% vs 45% in 1Q21 1. Excluding 17 rigs stacked in
Slide 20: 1Q 2022 Results – D&A, Financial Expenses and Taxes
1Q 2022 Results – D&A, Financial Expenses and Taxes (M€) 122 131 1Q 2022 M€ 60 66 1Q 2021 29 31 15 19 18 15 1Q 2022 D&A Offshore Onshore E&C E&C Total Drilling Drilling Onshore1 Offshore D&A 1Q 2022 M€ 38 (6) (9) 23 Financial Expenses Financing costs 2 Project hedging Exchange Differences Financial
Slide 21: 1Q 2022 group results
1Q 2022 group results QoQ comparison (M€) Revenue Adjusted EBITDA1 Adjusted net result1 1,942 145 1,811 -85 -901 4Q21 2 1Q22 4Q21 1Q22 n.m 7.5% -1,052 4Q21 1Q22 1. Excluding special items Adj. EBITDA (%) 20 2. Includes the impact from backlog review of c. 1 billion Euro
Slide 22: 1Q 2022 results by division
1Q 2022 results by division QoQ comparison (M€) E&C Offshore E&C Onshore Revenue Adjusted EBITDA Revenue Adjusted EBITDA n.m. margin 7.8% n.m. margin 1.2% 865 832 65 863 722 10 (576) (394) 4Q 2021 1Q 2022 4Q 2021 1Q 2022 4Q 2021 1Q 2022 4Q 2021 1Q 2022 Drilling Offshore Drilling Onshore Revenue Adju