Saipem slumped to a loss of €269 million ($291 million) in the first quarter after suffering a heavy impairment for its offshore drilling division, while the Italian contractor has cut capital expenditure amid adverse market conditions due to the coronavirus crisis.

The quarterly net loss, reversing a year-earlier profit of €21 million, came despite stable revenues of €2.17 billion that was roughly on a par with last year’s corresponding figure of €2.15