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Subsea 7 SA (SUBCY.PK)

SUBCY.PK on OTC Markets Group

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2 Dec 2016
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Latest Key Developments (Source: Significant Developments)

BRIEF-Oil services firm Subsea 7 posts better-than-expected Q2 results
Thursday, 28 Jul 2016 02:42am EDT 

Removes mention of $100 mln charge in 8th bullet point, adds it to 5th bullet point.: Q2 operating revenue $961 million (Reuters poll $1.0 billion) . Adjusted EBITDA $280 million (Reuters poll $191 million) . Backlog at end Q2 $7.1 billion (Reuters poll $6.95 billion) . Subsea 7 Q2 net profit $136 million (Reuters poll $46.4 million) . Q2 adjusted EBITDA included a $53 million restructuring charge related to group's global resizing and cost reduction measures. The restructuring charge for the full year is expected to be less than $100 million . Says sustained downturn in oil company expenditure continues to result in low industry activity and timing of new awards to market is still uncertain . Early discussions with clients are taking place more frequently on solutions to offset decline rates in production of existing fields through extended tieback and marginal field developments in various locations worldwide . Subsea 7 says to cut costs further, resizing is expected to deliver annualised savings of approximately $350 million. .Workforce to be reduced to about 8,000 employees by early 2017 from about 9,200 at the end of May.  Full Article

Subsea 7 says to cut 1,200 jobs, reduce cost by $350 mln
Wednesday, 22 Jun 2016 05:02am EDT 

Subsea 7 : announces staff and cost cuts . In view of continued difficult business and economic conditions in oil and gas market, a second phase of global resizing and cost reduction measures will begin in 2016 . Plans to resize its global workforce to approximately 8,000 by early 2017, down from the current level of 9,200 . Consultation with employees and employee representatives will take place on a local basis and consultation processes have begun in Norway and UK . Expected to deliver approximately usd 350 million in annualised cost savings . Charge related to resizing will be recognised in 2016 and is expected to be less than usd 100 million . Up to five vessels are scheduled to leave the current active fleet by early 2017, based on stacking owned vessels and returning chartered vessels when existing contracts expire . With effect from 1 July 2016, group will change structure of its organisation . Reduction in size of our workforce is a necessary step to maintain our competitiveness and protect our core offering through oil price cycle .We remain confident in long-term future for deepwater oil and gas production.  Full Article

Subsea 7 comments on FY 2016 guidance
Thursday, 28 Apr 2016 02:00am EDT 

Subsea 7:Says FY 2016 revenue is expected to be significantly lower than in FY 2015 and adjusted EBITDA percentage margin is expected to be lower compared to FY 2015.  Full Article

Subsea 7 wins North Sea contract in $50-150 mln range
Monday, 25 Apr 2016 02:00am EDT 

Subsea 7 SA:Subsea 7 awarded contract offshore UK.Announced award of a sizeable engineering, procurement, installation and commissioning (epic) contract by apache North Sea, as part of the Callater field development, located 335km north east of Aberdeen.The company defines a sizeable contract as being between USD 50 million and USD 150 million.Project management and engineering work will commence immediately from Subsea 7's offices in Aberdeen, with offshore activities planned for the first quarter 2017.The contract work scope covers the project management, engineering, procurement, construction and installation of a 4km, 45" Pipeline Bundle system consisting of production lines, and power and supply services.It also includes the installation of a 13km electro-control umbilical, associated structures, field testing and pre-commissioning works.  Full Article

Subsea 7 confirms FY 2016 guidance, proposes no dividend for FY 2015
Wednesday, 2 Mar 2016 02:00am EST 

Subsea 7:As guided previously, revenue and adjusted EBITDA percentage margin are expected to be significantly lower in FY 2016 compared to FY 2015.Reported revenue of $4.76 billion for FY 2015.FY 2016 revenue 3.78 billion euros-Thomson Reuters I/B/E/S.Will recommend to shareholders at annual general meeting that no dividend be paid in respect of FY 2015​.  Full Article

Subsea 7 wins IRM work in North Sea between $50 mln-$150 mln
Wednesday, 2 Mar 2016 02:00am EST 

Subsea 7 : ‍:Says wins sizeable extension to existing contract by BP Exploration for provision of subsea construction, inspection, repair and maintenance (IRM) services in North Sea​ ‍.Defines a sizeable contract as being between $50 million and $150 million.  Full Article

Subsea 7 wins contract from BP off Egypt
Friday, 26 Feb 2016 02:00am EST 

Subsea 7:Awarded contract offshore Egypt from BP BP.L and DEA.Says contract is major, Subsea 7 defines a major contract as being over $750 million.Work is for the development of the Giza, Fayoum and Raven subsea fields offshore Alexandria, Egypt, the second phase of the West Nile Delta project.The contract scope includes engineering, procurement, installation and pre-commissioning of the subsea infrastructure from twelve wells, with 80 kilometres of umbilicals and 220 kilometres of pipelines.It also includes the installation of the export lines from the Idku terminal.​ ​.  Full Article

Subsea 7 awarded frame agreement offshore UK
Wednesday, 3 Feb 2016 02:00am EST 

Subsea 7:Awarded frame agreement offshore UK.Says has been awarded a sizeable three-year frame agreement, with four one-year options.Defines a sizeable contract as being between $50 million and $150 million.The contract is for six North Sea clients: Chevron North Sea Limited, Dana Petroleum (E&P) Limited, Hess Denmark APS, Nexen Petroleum U.K. Limited, Talisman Sinopec Energy UK Limited and TAQA Bratani Limited.Under this frame agreement, Subsea 7 will continue to provide Diving Support Vessel (DSV) services on a year- round basis, as well as associated project management and engineering services to over 40 facilities in the North Sea.This award follows on from the original frame agreement awarded in 2009.Project management and engineering work will be managed from Subsea 7's Aberdeen office.  Full Article

Oslo-listed Subsea 7 wins contract offshore Egypt
Wednesday, 30 Dec 2015 02:00am EST 

Subsea 7:Announced the award of a sizeable contract by Burullus Gas Company S.A.E. for the platform extension and tie-in on the first phase of the West Nile Delta development of the Taurus and Libra fields by BP BP.L, offshore Egypt.Subsea 7 defines a sizeable contract as being between $50 million and $150 million.Offshore work is scheduled to commence in the second half of 2016.  Full Article

Subsea 7 ASA lifts outlook for FY 2015
Wednesday, 11 Nov 2015 02:00am EST 

Subsea 7:Both revenue and adjusted EBITDA percentage margin in 2016 are expected to be significantly lower than group's forecasts for FY 2015.Outlook beyond FY 2016 remains uncertain.  Full Article

BRIEF-Oceaneering to provide ROV and Subsea tooling

* Oceaneering to provide ROV and Subsea tooling under master service agreement with Heerema Marine Contractors