Italy's Saipem has signed an agreement to build a 450 megawatt (MW) offshore wind farm in the Adriatic Sea in northern Italy, the energy services group said on Tuesday. Saipem has agreed with renewable energy companies AGNES and QINT'X to install 56 wind turbines at two sites off the coast of Italian port city Ravenna, it said in a statement. The project's contract value could be worth up to 600 million euros ($710 million) for Saipem, said a source close to the matter.
Italian energy services group Saipem <SPMI.MI> painted a gloomy outlook for the year after reporting a net loss of 616 million euros (557.9 million pounds) in the second quarter following writedowns. The company said the industry faced uncertain demand for oil and gas. On Wednesday it said its order backlog would allow it to maintain volumes similar to the first half, while efficiency measures and lower investments would keep its adjusted core earnings margin close to 10%.