Italian offshore contractor Saipem has followed up on a severe profit warning issued in January by unveiling details of a revised strategic plan that promises a retrenchment toward core offshore segments of engineering, procurement and construction and drilling.

The January warning followed a review of 22 projects representing around 80% of the total consolidated backlog and stated that full-year earnings statements were likely to show a loss amounting to more than one-third of the company’s equity.

The new plan for 2022-2025 suggests a refocusing toward offshore oil and gas and a reduction of exposure to the lower-risk, lower-return offshore wind business.