Q2 2021 Saipem SpA Earnings Call Transcript
Ladies and gentlemen, thank you for standing by, and welcome to Saipem First Half 2021 Results Call. (Operator Instructions)
I would now like to hand the conference over to the CEO, Francesco Caio. Please go ahead, sir.
Good morning, and thank you all for joining us. I'm here today with our CFO, Antonio Paccioretti; and my colleague, divisional COOs, together with the IR team. Before we get into the details of the numbers in the presentation, let me say that clearly, although challenging events have impacted our numbers as you've seen. I strongly believe that none of those undermines Saipem structural strength.
In Q2, significantly, COVID affected the execution of our projects, slowing the progress, some of those whilst increasing cost. Our largest LNG project in Mozambique was suspended, and a technical issue in one specific offshore wind project had material consequences on our EBITDA. Now none of that, however, changes the fundamental strength of our company, the resilience, the width and
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