Saipem, the Italian engineer for LNG, oil and pipeline gas subsea contracts, reported a rise in earnings as well as a surge in new contracts and revenues, giving the company a backlog of €30 billion ($33Bln) and signalling an improving energy sector.

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Saipem, the Italian subsea company with contracts for LNG project, pipeline natural and oil worldwide reported a 19 percent jump in revenues as new contracts also built the backlog to more than $32Bln.

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Saipem, the Italian LNG and energy subsea projects developer, has been awarded two contracts worth $850 million, one to open up a Turkish natural gas field in the Black Sea and a second to decommission energy activities in the UK North Sea.

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