“Saipem SpA, Italy’s biggest oil and gas contractor, will cut jobs and exit businesses as writedowns led to an unexpected loss and an earnings target reduction. The company, controlled by Italian oil producer Eni SpA, posted a second-quarter net loss of 997 million euros ($1.1 billion), after total writedowns of assets for 929 million euros. Analysts were expecting a 39.1 million-euro profit. ‘The further steep fall in the oil price has resulted in a major disruption, which is not likely to be reversed in the short-to-medium term,’ Chief Executive Officer Stefano Cao, who replaced Umberto Vergine in April, said in a statement.”
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