UPDATE 2-Saipem confirms outlook, shares fall

* Q1 net profit 182 mln eur; I/B/E/S consensus 167 mln eur

* Order backlog stable at 18.8 bln euros end-March

* Shares down nearly 5 percent, underperforming sector (Adds broker comments, shares)

By Danilo Masoni

MILAN, April 22 (Reuters) - Italian oil & gas engineering group Saipem (SPMI.MI) reported a dip in first-quarter profit and confirmed its guidance for flat 2010 results, as lower demand delays the start of big infrastructure projects.

Its shares, which this month neared the record highs they reached before the global crisis broke in 2008, fell nearly 5 percent after the announcement.

"The (oil and gas) market situation does not justify all-time highs. Gas prices are at their lows. It's a market that still has some hidden dangers," a Milan based analyst said.

Saipem, Europe's biggest oilfield services firm, said net profit fell 2.2 percent to 182 million euros ($244.6 million) in the first quarter, but beat a Thomson Reuters I/B/E/S consensus forecast of 167 million euros.

Saipem repeated that 2010 revenues and operating profit would match the record levels reached last year thanks to an order backlog worth 18.8 billion euros at the end of March, flat compared with a year earlier.

"Oil industry spending is expected to recover in 2010 ... despite continued weakness in demand for hydrocarbons, which will lead to oil companies delaying the launch of big infrastructure projects," Saipem said in a statement.

By 1315 GMT, Saipem shares were down 4.9 percent at 28 euros. The Stoxx oil & gas sector index .SXEP was down 1.3 percent.

French peer Technip (TECF.PA) last month said its order intake would rebound in the second half of 2010 to levels last seen in 2007 as oil prices pick up. [ID:nLDE62O20Q] (Reporting by Danilo Masoni, editing by Will Waterman and Rupert Winchester) ($1=.7439 Euro)