Saipem has posted a better than expected profits boost in its first quarter results.
The Italian oil services group, which is 43% owned by oil major Eni, said its earnings before interest and taxes came in at €159million.
The strong performance was seen in the company’s drilling and offshore engineering and construction business.
Saipem’s net profit for the first quarter also rose 26% to €77million.
Shares in Saipem rose by 4% as the results were announced.