Eng. & Const. - Key performance indicators
Adjusted net profit was €784 million, up €126 million from a year ago, or 19.1%, reflecting a better operating performance and favourable trends in the demand for oilfield services.
Return on average capital employed calculated on an adjusted basis was 16.8% in 2008, lower than in 2007 (17.1%).
Orders acquired amounted to €13,860 million, up €2,015 million from 2007 (+17%), in particular in offshore and onshore activities.
Orders backlog was €19,105 million at December 31, 2008 (€15,390 million at December 31, 2007), related
in particular to projects in North Africa (26%), West Africa (21%) and America (13%).
Capital expenditures amounted to €2,027 million, up €617 million from 2007, or 43.8%, mainly due to the upgrade
of the construction and drilling fleet.
On February 2008, as part of the announced plan to dispose of non core assets, Eni sold its 30% interest in Gaztransport
& Technigaz S.A. (GTT), a company owning a patent for the construction of tanks for LNG transport, to Hellman & Friedman for a total value of €310 million.
Activity for the year
Among the main orders acquired in 2008 were:
- an EPIC contract for ELF for the construction and installation of underwater pipelines and related facilities connecting the Usan oil field offshore Nigeria to an FPSO (Floating Production Storage Offloading) unit;
- a contract for OLT Offshore LNG Toscana for the construction of an FSRU (Floating, Storage and Regasification Unit) LNG terminal in Livorno through the conversion of a gas carrier ship located offshore Tuscany. The FSRU will have a storage capacity of 137 kcm of LNG and a production capacity of 3.75 bcm/y of natural gas;
- a contract for Nord Stream AG for laying the Nord Stream gas pipeline constituted by twin pipelines that will link Russia and Germany across the Baltic Sea. Overall capacity of about 55 bcm/y will be reached when both lines will be operational;
- an EPC contract for Total Exploration and Production Nigeria Limited for the upgrade of Block OML 58 through the revamping of the existing flow station and the construction of a new gas treatment train increasing gas production to 17.5 mmcm/d;
- an EPC contract for Sonatrach for the construction of a single-train gas liquefaction plant, with a capacity of 4.7 mmtonnes/y of LNG near the city of Arzew in Algeria;
- an EPC contract for Saudi Aramco for the construction of three gas/oil separation trains (GOSP, Gas Oil Separation Process) on the Manifa field aimed at increasing the production capacity of Saudi Arabia by 900 kbbl/d;
- an EPC contract for Sonatrach for the construction of infrastructure for an LPG plant made up of three production trains with a total capacity of 8 mmcm/d within the development of the Hassi Messaoud onshore field in Algeria.
Orders acquired amounted to €13,860 million, of these projects to be carried out outside Italy represented 94%, while orders from Eni companies amounted to 4% of the total. Eni's order backlog was €19,105 million at December 31, 2008 (€15,390 million at December 31, 2007). Projects to be carried out outside Italy represented 98% of the total order backlog, while orders from Eni companies amounted to 13% of the total.
Eng. & Const. - Orders acquired
Capital expenditures
Capital expenditures in the Engineering & Construction division (€2,027 million) mainly regarded the start up of the construction of the deepwater field development ship FDS 2 as well as the ongoing construction of the pipelayer, the semisubmersible platforms Scarabeo 8 and 9 and the deepwater drilling ship Saipem 12000.
In 2008, the construction of the FPSO vessel Gimboa and of the jack-up Perro Negro 7 has been completed.
Eng. & Const. - Capital expenditures
Lybia - Gulf of Sirte. Launche jacket Sabratha platform.
