Italian service contractor Saipem reported a 64.8% increase in adjusted earnings in the first quarter of the year as its order intake also grew against more positive market conditions.

The Milan-based company said on Thursday adjusted first-quarter earnings before interest, tax, depreciation and amortisation were €145 million ($158 million), up from €88 million in the same period last year.

Saipem’s order intake in the first three months of 2022 was €2.356