Court rejects Saipem appeal against regulatory ruling

Italy's Saipem said on July 6 that a court had rejected its appeal against a 2018 ruling by market regulator Consob that the offshore contractor had not compiled its 2016 financial results properly.

While Saipem said it did not agree with the resolution, it later provided a pro-forma consolidated income statement and balance sheet for 2016 to address Consob's concerns. It also filed an appeal with the regional administrative court of Lazio, but the court turned it down.

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Saipem said it reserved the right to appeal the Lazio court's decision at the Council of State.