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Posted by
Two Blokes Jun 23 -
Filed in
Stock
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3 views
Saipem's margins are improving as the legacy, low-margin EPC backlog is reduced, but a significant portion remains until 2026. Margins should improve in asset-based services as well as the backlog mix shifts older in time, where later phases of projects tend to have better margins. The risk in a business like this is that demand can dry up, so we are careful.
