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The disclosure comes as the company is being investigated by Italian prosecutors for alleged bribes for a natural gas deal in Algeria and after chief executive Pietro Franco Tali resigned in December amid the probe.

Saipem posted net profits of €180 million ($241.8 million) in the three months to December, a 30% drop from the year-ago period, when profits of €258 million were recorded.

“Saipem’s management confirms that in 2013 the Saipem Group will report a significant reduction in profitability versus previous years,” the company said in a statement.

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