Q1 2019 Saipem SpA Earnings Call Transcript
Good morning, ladies and gentlemen, thank you for standing by, and welcome to the Saipem First Quarter 2019 Results Call. (Operator Instructions) I must advise you the conference is being recorded today, on Thursday, the 18th of April 2019.
And I would now like to hand the conference over to your speaker today, Stefano Cao. Please go ahead.
Good morning, ladies and gentlemen. Welcome to our first quarter 2019 results presentation. I'm joined today by our CFO, Stefano Cavacini. Only a few weeks at the last since we met for the 2018 full year presentation, but let me start by saying that the mood in the oil and gas market is showing signs of improvement since the end of 2018. At the turn of the year, a sharp drop in oil prices had depressed the outlook for 2019, causing a major stock sell-off across the oil industry.
Since the beginning of 2019, a slight pickup in the amounts in the oil and gas investment. The good visibility of initiatives awaiting final investment decision and in
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