Europe’s largest oilfield services contractor Saipem has reported record-breaking profits for Q4 and 2011 overall. Q4 profits stood at €342 million, showing an 8.9% increase on the same period a year earlier, whilst full year profits came in at €921 million, 11.2% higher than previously. 

In a statement released by Saipem, it is clear that the company expects the growth to continue, with predicted profits for 2012 reaching €1 billion. This growth will most likely be fuelled by gas development schemes in Nigeria and offshore Russia. The initiation of operations by both the Scarabeo 8 and Scarabeo 9 rigs should also see Saipem’s profits increase.

Saipem has reported a planned capex of approximately €900 million (a €300 million drop on last year) which will cover the completion of a pipelay vessel, the Scarabeo 6 rig, and the initial development phase of a Brazil-based fabrication yard.