Late last week, freshly installed chief executive Umberto Vergine spoke to investors in more detail about the background to the company’s revelation that its earnings for 2013 would be 55% below consensus.
Saipem’s 29 January announcement took the market unawares and sent Saipem’s share price diving from €30.45 to €20.01 ($40.85 to $26.85), treading water at just above this level since then.
Vergine
