April 21 (Renewables Now) - Italian oil and gas contractor Saipem SpA (BIT:SPM) could engage in offshore wind projects and other new lines of business in view of the downturn seen in its core market, according to its head.
Saipem's CEO Stefano Cao said today, as cited by Reuters, that the company is specifically considering taking part in wind projects in the North Sea as a way to grow in a new area.
On the same day Saipem reported its results for the first quarter of 2017, with declines in all key figures, including a 21% drop in operating profit to EUR 112 million (USD 120m). At EUR 509 million, new contracts in Q1 were half the EUR 1.03 billion registered a year earlier.
Referring to some analyst speculation, Cao also said there is no possibility for a break-up of the company, Reuters reported.
(EUR 1.0 = USD 1.070)