August 9, 2012 / 6:16 AM / 5 years ago

Subsea 7 remains bullish after Q2 beats forecasts

OSLO, Aug 9 (Reuters) - Norwegian offshore engineering group Subsea 7 beat market expectations with a 6.2 percent rise in core earnings on Thursday and said it expected its full-year core earnings in line with the consensus.

Subsea 7 said its second-quarter adjusted earning before interest, tax, depreciation and amortisation (EBITDA) rose to $326 million, beating market expectations for $294 million in a Reuters poll.

“Our positive views on the market have not changed as we have not seen an impact from oil price volatility or macro-economic uncertainties on our clients’ plans,” Chief Executive Jean Cahuzac said.

“We still expect the present high level of bidding activity to translate into market awards later this year, in particular in the North Sea, Africa and Brazil,” Cahuzac added.

Markets currently expect a full-year adjusted EBITDA of $1.16 billion.

Reporting By Balazs Koranyi

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