UPDATE 3-Saipem Q1 adj net up 44 pct, confirms 2008 view

(Adds CEO comment, depreciation, closing shares)

By Ian Simpson

MILAN, April 23 (Reuters) - Italian oilfield services company Saipem SpA posted a 44 percent rise in first-quarter adjusted net profit on Wednesday and confirmed 2008 profit targets, even as the sagging dollar cut into forecast results.

Saipem (SPMI.MI: Quote, Profile, Research), the biggest company of its kind in Europe, had adjusted net income of 147 million euros ($234.4 million) as its order backlog hit a record 15.4 billion euros.

But Saipem said the weaker dollar would cut revenue by about 550 million euros this year, up from a forecast 400 million euros at the start of 2008.

Operating income will drop by some 55 million euros, against an estimated 40 million euros at the start of the year, Saipem said in a statement.

The company also shaved its outlook for revenue to around 10 billion euros from more than 10 billion euros. About 70 percent of Saipem's contracts are in dollars.

"The reason why we have changed the guidance from 'in excess of' to 'around' 10 is because of the U.S. dollar impact," Chairman and Chief Executive Pietro Franco Tali told analysts on a conference call.

Saipem said the "positive performance" of projects let the company confirm its forecasts for a rise in operating income and adjusted net profit this year of at least 20 percent.