April 16, 2018 / 6:52 PM / in a year

Saipem republishes accounts to meet watchdog ruling but says will appeal

FILE PHOTO: A Saipem logo in seen on the bridge of the Saipem 10000 deepwater drillship in Genoa's harbour, Italy, November 19, 2015. REUTERS/Alessandro Garofalo

MILAN (Reuters) - Italian oil services company Saipem (SPMI.MI) said on Monday it had republished its 2015 and 2016 results to comply with a ruling by market regulator Consob, but it added that it would appeal the decision.

Saipem, controlled by oil major Eni (ENI.MI) and state lender Cassa Depositi e Prestiti, said the adjustments had been requested by Consob to reflect the booking of impairment costs.

On the basis of the requests it said its 2015 pro forma net loss would be 2.6 billion euros (2.2 billion pounds) from a reported loss of 789 million euros while its pro forma net loss in 2016 would be 368 million euros from a reported 2.1 billion euros.

“The company... is finalising the appeal (against Consob)... with a view to obtaining the annulment of the effects of the ruling,” Saipem said.

Reporting by Stephen Jewkes; Editing by Hugh Lawson

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