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Subsea 7 SA (SUBCY.PK)

SUBCY.PK on OTC Markets Group

15.84USD
22 Sep 2017
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Latest Key Developments (Source: Significant Developments)

Subsea 7 orders new vessel as new prospects emerge
Wednesday, 6 Sep 2017 02:10am EDT 

Sept 6 (Reuters) - Subsea 7 Sa :Awards letter of intent for new reel-lay vessel.Signed a letter of intent with Royal IHC in Netherlands for construction of a new reel-lay vessel and associated pipe lay equipment.Cost, excluding capitalised interest, is expected to be below usd 300 million with an early 2020 delivery.Firm contract with royal IHC is expected to be awarded before end of 2017, subject to certain conditions and final board approval.Committed to having right fleet size and specification to meet needs of our clients. We achieve this through a combination of owned high- specification vessels and leased vessels having strict regard to capital discipline.Will continue to actively manage fleet composition.Expected gradual recovery of market activity and application of new cost-effective technology supports this investment decision.Investment will enable subsea 7 to participate in new prospects that are already visible in market.  Full Article

Subsea 7 is bidding in recently announced Johan Castberg tenders-CEO
Wednesday, 26 Jul 2017 08:00am EDT 

July 26 (Reuters) - Subsea 7 Sa : :Subsea 7 CEO Jean Cahuzac on Johan Castberg field in Barents Sea: "It (tenders) just came out to the market, so we are bidding there".Johan Castberg's operator Statoil has said it will make a final investment decision on the project late in 2017 nL8N1JN2CX.Subsea 7 CEO on margins in 2H: "Its fair to say we could expect fairly strong margins, depends on how projects settles".  Full Article

Subsea 7's Q2 results above forecast, lifts revenue guidance
Wednesday, 26 Jul 2017 02:13am EDT 

July 26 (Reuters) - Oil services firm Subsea 7 Sa ::Subsea 7 q2 adjusted ebitda $340 million (Reuters poll $243 million) vs $280 mln in Q2 2016.Subsea 7 q2 operating revenue $1,022 million (Reuters poll $977 million) vs $961 mln in Q2 2016.Subsea 7 q2 net profit $146 million (Reuters poll $91 million) vs $136 mln in Q2 2016.Subsea 7 backlog at end q2 $5,704 million versus $5.7 billion at end of q1 (RTRS poll $5.4 bln).Revenue for 2017 is now expected to be higher than 2016 vs earlier guidance of in line .Adjusted ebitda percentage margin is still expected to be lower than the record level reported in 2016.Subsea 7: assuming the global energy prices sustain current levels and that cost reductions identified by the industry are consistently achieved, there is reason to believe that the number of awards to the market could increase by the first half of 2018.Subsea 7: in July, after the quarter end, we were awarded extensions on 3 of our long-term contracts for plsvs (platform supply vessels) offshore brazil, extensions were awarded at the same day rates and on the same commercial terms as the original contracts.  Full Article

Subsea 7 wins $250 mln contrat extensions from Petrobras
Friday, 21 Jul 2017 02:00am EDT 

July 21 (Reuters) - SUBSEA 7 ::SUBSEA 7 AWARDED CONTRACT EXTENSIONS OFFSHORE BRAZIL FOR THREE PIPELAY SUPPORT VESSELS (PLSVS) CURRENTLY ON LONG-TERM DAY-RATE CONTRACTS OFFSHORE BRAZIL. .THESE EXTENSIONS HAVE A COMBINED VALUE OF APPROXIMATELY USD 250 MILLION..FIRM CONTRACT PERIODS FOR SEVEN WAVES, SEVEN RIO AND SEVEN SUN WILL NOW END RESPECTIVELY IN Q2 2021, Q3 2021 AND Q2 2022..CLIENT IS OIL FIRM PETROBRAS<<>>.  Full Article

Statoil develops Snefrid Nord, investments $143 mln
Thursday, 6 Jul 2017 05:08am EDT 

July 6 (Reuters) - Statoil Asa :Statoil: developing snefrid nord .Discovery, scheduled to come on stream in late 2019, will be tied back to aasta hansteen.Subsea 7 will deliver flowlines and spools in addition to performing all subsea installations.Subsea template and suction anchor mooring it to seabed will be delivered by aker solutions.Capital expenditures for snefrid nord development total about 1.2 billion Norwegian crowns($143.23 million).Snefrid nord will produce some four million cubic metres of gas per day in plateau phase, planned productive life being 5-6 years.  Full Article

Subsea 7 CFO says not assuming any debt via takeover
Friday, 30 Jun 2017 03:38am EDT 

June 30 (Reuters) - Subsea 7 CFO Ricardo Rosa told a conference call::Apart from paying around $100 million for parts of EMAS Chiyoda Subsea, we are not assuming any debt.The Oslo-listed provider of engineering services to the oil industry late on Thursday announced it had bought parts of Japan's EMAS Chiyoda Subsea, which had been undergoing a Chapter 11 bankruptcy restructuring in Texas.  Full Article

Chiyoda Corp to partner with U.K.'s Subsea 7 for offshore projects - Nikkei
Thursday, 29 Jun 2017 04:11pm EDT 

June 30 (Reuters) - Nikkei- :Chiyoda Corp will partner with U.K.'s Subsea 7 for offshore energy projects - Nikkei.  Full Article

Subsea 7 CEO says Q1 margin level not sustainable in short term
Thursday, 27 Apr 2017 07:30am EDT 

April 27 (Reuters) - Subsea 7 CEO Jean Cahuzac told a conference call on Thursday::The earnings margin level the company achieved in Q1 is not sustainable in short term."We are going to see pressure on the margin, however we are able to optimise our margins via cost savings and more efficient execution".  Full Article

Subsea 7 now says 2017 margin to be "lower" vs earlier "significantly lower"
Thursday, 27 Apr 2017 02:12am EDT 

April 27 (Reuters) - Subsea 7 Sa :Q1 adjusted ebitda of $268 million, at a margin of 30%, resulted from strong operational performance and continued cost discipline.New awards totalled $626 million and included the mad dog 2 project that was awarded on an integrated basis with onesubsea, a schlumberger company.Our early engineering activity has increased and we expect this trend to continue as the market recovers in the future.Says we anticipate additional renewable energy project awards to market as the economics of offshore wind farms continue to improve.Subsea 7 guidance for the full year has been updated to include the consolidation of seaway heavy lifting for ten months of 2017. Revenue for 2017 is still expected to be in line with 2016..Adjusted ebitda percentage margin for 2017 is expected to be lower than the record level reported in 2016. In March the company predicted "significantly lower" 2017 margin.Assuming a sustained oil price improvement and that cost reductions identified by the industry are consistently achieved, there is still cause to believe that the number of surf project awards to the market could increase within the next 12 months..Subsea 7 backlog at end q1 $5.7 billion versus $5.7 billion at end of q4.  Full Article

Subsea 7 buys back convertible bonds totalling $55.0 mln
Friday, 7 Apr 2017 02:00am EDT 

Subsea 7 Sa : Subsea 7 s.a. Repurchase of convertible bonds .It has bought bonds totalling usd 55.0 million in nominal value at an average price of 99.40 of the USD 700 million 1.00% Subsea 7 S.A. Convertible Bond Issue 2012/2017 (ISIN NO 001 066 116 8).  Full Article

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European shares rise as earnings roll in

LONDON Supportive crude prices and strong results from energy firms and auto companies helped European shares rise on Wednesday.