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Subsea 7 SA (SUBC.OL)

SUBC.OL on Oslo Stock Exchange

100.25NOK
13 Nov 2018
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Latest Key Developments (Source: Significant Developments)

Subsea 7 Q3 EBITDA beats forecast, sees lower 2019 EBITDA vs 2018
Thursday, 8 Nov 2018 02:00am EST 

Nov 8 (Reuters) - Subsea 7 SA ::SUBSEA 7 Q3 ADJUSTED EBITDA $217 MILLION (REUTERS POLL $210 MILLION).SUBSEA 7 SA: TENDERING AND AWARDS ACTIVITY SHOWED CONTINUED RECOVERY FOR OIL AND GAS MARKET AND MARKET GROWTH FOR RENEWABLES.SUBSEA 7 BACKLOG AT END Q3 $5.1 BILLION VERSUS $5.4 BILLION AT END OF Q2 (REUTERS POLL $5.08 BILLION).SUBSEA 7 SA: NEW GUIDANCE FOR 2019 FORECASTS REVENUE AND ADJUSTED EBITDA LOWER THEN 2018, WITH GRADUAL RECOVERY EXPECTED FROM 2020.SUBSEA 7 Q3 REVENUE $1.08 BILLION (REUTERS POLL $1.10 BILLION).SUBSEA 7 Q3 EBIT $111 MILLION (REUTERS POLL $107 MILLION).SUBSEA 7 Q3 NET PROFIT $76 MILLION (REUTERS POLL $76 MILLION).SUBSEA 7 SA: REVENUE IN 2019 IS EXPECTED TO BE SLIGHTLY LOWER THAN SUBSEA 7’S GUIDANCE FOR 2018 DUE TO A REDUCTION IN OUR RENEWABLES AND HEAVY LIFTING ACTIVITY.SUBSEA 7 SA: ADJUSTED EBITDA IN 2019, INCLUSIVE OF THE POSITIVE IMPACT FROM THE ADOPTION OF IFRS 16, IS EXPECTED TO BE LOWER THAN 2018.SUBSEA 7 SA: THE GROUP EXPECTS TO ACHIEVE A DOUBLE-DIGIT ADJUSTED EBITDA PERCENTAGE MARGIN AND POSITIVE NET OPERATING INCOME FOR THE YEAR.SUBSEA 7 SA: POSITIVE MOMENTUM IN TENDERING ACTIVITY HAS CONTINUED IN ALL THREE OF SUBSEA 7’S OPERATIONAL BUSINESS UNITS BUT PRICING ON NEW AWARDS REMAINS UNDER PRESSURE, PARTICULARLY FOR SHORT-CYCLE PROJECTS.SUBSEA 7 SA: GUIDANCE IS UNCHANGED FOR THE FULL YEAR 2018 REVENUE AND ADJUSTED EBITDA PERCENTAGE MARGIN.  Full Article

Subsea 7 consortium wins "sizeable" US Gulf contract
Tuesday, 2 Oct 2018 02:07am EDT 

Oct 2 (Reuters) - Subsea 7 SA ::SUBSEA 7 AWARDED INTEGRATED CONTRACT OFFSHORE US GULF OF MEXICO.AWARD OF A SIZEABLE CONTRACT BY FIELDWOOD ENERGY TO SUBSEA INTEGRATION ALLIANCE.SUBSEA 7 DEFINES A SIZEABLE CONTRACT AS BEING BETWEEN USD 50 MILLION AND USD 150 MILLION.SUBSEA INTEGRATION ALLIANCE IS A WORLDWIDE NON-INCORPORATED PARTNERSHIP BETWEEN ONESUBSEA, SCHLUMBERGER, AND SUBSEA 7.AWARD IS FOR DEEPWATER KATMAI FIELD DEVELOPMENT IN US GULF OF MEXICO'S GREEN CANYON 40.THIS SUPPLIER-LED INTEGRATED SUBSEA DEVELOPMENT SOLUTION, COMBINES ONESUBSEA'S SUBSEA PRODUCTION SYSTEMS (SPS) AND SUBSEA 7'S SUBSEA UMBILICALS, RISER AND FLOWLINE SYSTEMS (SURF) EXPERTISE.  Full Article

Subsea 7 sees positive outlook after Q2 operating result miss
Thursday, 26 Jul 2018 02:14am EDT 

July 26 (Reuters) - Subsea 7 SA ::SUBSEA 7 Q2 ADJUSTED EBITDA $186 MILLION (REUTERS POLL $198 MILLION).SUBSEA 7 BACKLOG AT END Q2 $5.4 BILLION VERSUS $5.3 BILLION AT END OF Q1.SUBSEA 7 Q2 REVENUE $1,160 MILLION (REUTERS POLL $1.04 BILLION).SUBSEA 7 Q2 EBIT $74 MILLION (REUTERS POLL $93 MILLION).SUBSEA 7 Q2 NET PROFIT $74 MILLION (REUTERS POLL $70 MILLION).TENDERING ACTIVITY HAS INCREASED FOR OIL AND GAS PROJECTS AND THERE IS BETTER VISIBILITY ON THE TIMING OF PROJECT SANCTIONS.ALTHOUGH PROJECT MARGINS ON NEW AWARDS REMAIN UNDER PRESSURE, PRICING IS EXPECTED TO IMPROVE IN THE MEDIUM-TERM, LINKED TO THE INCREASE IN OFFSHORE ACTIVITY.THE AWARDS OF CERTAIN LARGE WIND FARM PROJECTS HAVE BEEN DELAYED, BUT THE OUTLOOK FOR THE OFFSHORE RENEWABLES MARKET IS UNCHANGED AND REMAINS POSITIVE WITH TECHNOLOGY AND EXECUTION EFFICIENCY DRIVING LOWER PROJECT COSTS.  Full Article

Subsea 7 wins Shell contract offshore UK
Monday, 11 Jun 2018 02:00am EDT 

June 11 (Reuters) - Subsea 7 SA ::SUBSEA 7 AWARDED CONTRACT OFFSHORE UK.SUBSEA 7 - ENGINEERING, PROCUREMENT, CONSTRUCTION AND INSTALLATION (EPCI) CONTRACT INCORPORATES FABRICATION OF TWO PIPELINE BUNDLES CONTAINING PIPE-IN-PIPE PRODUCTION FLOWLINES, GAS LIFT FLOWLINES AND CONTROL SYSTEMS.OFFSHORE ACTIVITIES ARE SCHEDULED FOR 2020 AND 2021.CONTRACT BY SHELL FOR PENGUINS REDEVELOPMENT PROJECT, LOCATED APPROXIMATELY 150 MILES NORTH-EAST OF SHETLAND ISLANDS.  Full Article

Subsea 7 ready to talk whenever McDermott's board is able to-CEO
Thursday, 26 Apr 2018 07:00am EDT 

April 26 (Reuters) - Subsea 7 SA told analysts and reporters on Thursday::SUBSEA 7: CEO SAYS "WE ARE MAKING A VERY GOOD PROGRESS ON THE JOINT VENTURE WITH SCHLUMBERGER".SUBSEA 7 CEO: "IF MCDERMOTT'S BOARD IS NOT ABLE TO ENGAGE IN DISCUSSIONS NOW, WE ARE READY TO HOLD THE DISCUSSION WHEN THE CIRCUMSTANCES CHANGE".SUBSEA 7 CEO: EXPECTS BETTER EBITDA MARGINS IN Q2 AND Q3 THAN IN Q1.SUBSEA 7 CEO: "CONFIDENT IN GRADUAL MARKET RECOVERY... WE SEE MORE TENDERS AND CONTRACTS AWARDED IN QUARTERS TO COME".SUBSEA 7 CEO: SAYS THE COMPANY WILL RETAIN CONTROL OF ITS VESSELS WHEN FORMING A JOINT VENTURE WITH SCHLUMBERGER.SUBSEA 7 CEO: SAYS STILL SEES PRICE PRESSURE ON SHORT AND MEDIUM-TERM JOBS, BUT THE COMPANY PRICES LONGER-TERM JOBS TAKING INTO ACCOUNT AN EXPECTED MARKET IMPROVEMENT.  Full Article

Subsea 7 wins "substantial" contract offshore Nigeria
Tuesday, 10 Apr 2018 02:09am EDT 

April 10 (Reuters) - Subsea 7 SA ::SUBSEA 7 AWARDED CONTRACT OFFSHORE NIGERIA.AWARD OF A SUBSTANTIAL(1) CONTRACT BY MOBIL PRODUCING NIGERIA UNLIMITED (MPN) FOR PRODUCTION UPLIFT PIPELINE PROJECTS (PUPP) IN SHALLOW WATER, OFFSHORE NIGERIA.SUBSEA 7 DEFINES A SUBSTANTIAL CONTRACT AS BEING BETWEEN USD 150 MILLION AND USD 300 MILLION.  Full Article

Subsea 7 wins "sizeable" contract for shallow water project
Thursday, 15 Mar 2018 03:00am EDT 

March 15 (Reuters) - Subsea 7 Sa ::SUBSEA 7 AWARDED SIZEABLE CONTRACT FOR A CONVENTIONAL PROJECT, IN SHALLOW WATER, WITH OFFSHORE EXECUTION PLANNED FOR 2019..‍SUBSEA 7 DEFINES A SIZEABLE CONTRACT AS BEING BETWEEN USD 50 MILLION AND USD 150 MILLION​.‍NO FURTHER DETAILS ARE DISCLOSED AT THIS TIME DUE TO CONTRACTUAL OBLIGATIONS​.  Full Article

Subsea 7 wins $150-$300 mln contract offshore Azerbaijan
Monday, 12 Mar 2018 03:06am EDT 

March 12 (Reuters) - Subsea 7 Sa ::SUBSEA 7 AWARDED CONTRACT OFFSHORE AZERBAIJAN.‍SUBSEA 7 DEFINES A SUBSTANTIAL CONTRACT AS BEING BETWEEN USD 150 MILLION AND USD 300 MILLION​.SUBSEA 7: AWARD OF A SUBSTANTIAL CONTRACT BY BP EXPLORATION FOR PROVISION OF SUBSEA INSPECTION, REPAIR AND MAINTENANCE (IRM) SERVICES ON BOTH AZERI-CHIRAG-GUNASHLI (ACG) AND SHAH DENIZ (SD) FIELDS​.  Full Article

Subsea 7 misses Q4 earnings forecast
Thursday, 1 Mar 2018 02:07am EST 

March 1 (Reuters) - Subsea 7 Sa ::Q4 OPERATING REVENUE $1,003‍​ MILLION (REUTERS POLL $1,000 MILLION).Q4 ADJUSTED EBITDA $176‍​ MILLION (REUTERS POLL $211 MILLION).Q4 EBIT $28‍​ MILLION (REUTERS POLL $102 MILLION).Q4 NET PROFIT $‍​51 MILLION (REUTERS POLL $67 MILLION).REPEATS 2018 REVENUES SEEN BROADLY IN LINE WITH 2017.BACKLOG AT END Q4 $5.21‍​ BILLION VERSUS $5.3 BILLION AT END OF Q3.REPEATS 2018 ADJUSTED EBITDA MARGIN TO BE SIGNIFICANTLY LOWER THAN IN 2017.THE OIL AND GAS CYCLE IS GRADUALLY RECOVERING FROM THE VERY LOW LEVELS OF ACTIVITY EXPERIENCED IN THE LAST THREE YEARS AND OFFSHORE SURF AND INTEGRATED AWARDS TO MARKET ARE INCREASING, BUT PRICING REMAINS CHALLENGING‍​.  Full Article

Siem Offshore Agrees To Sell Siem Offshore Contractors
Thursday, 1 Mar 2018 02:00am EST 

March 1 (Reuters) - SIEM OFFSHORE INC ::SIEM OFFSHORE AGREES TO SELL SIEM OFFSHORE CONTRACTORS GMBH AND TWO.TRANSACTION IS EXPECTED TO BE CONCLUDED IN FIRST HALF 2018..‍AGREED TO SELL CABLE LAY VESSEL SIEM AIMERY AND WALK TO WORK VESSEL SIEM MOXIE TO A COMPANY IN SUBSEA 7 GROUP​.‍INITIAL CONSIDERATION IS AGREED TO BE EURO 140 MILLION​.‍IS ENTITLED TO CONTINGENT CONSIDERATION BASED ON VOLUME OF WORK FOR SOC FROM 2019 TO END OF 2024​.‍IN ADDITION, COMPANY IS ENTITLED TO CONTINGENT CONSIDERATION BASED ON VOLUME OF WORK FOR SOC FROM YEAR 2019 TO END OF 2024​.‍ESTIMATES CONTINGENT CONSIDERATION TO AMOUNT TO BETWEEN EURO 25-40 MILLION OVER PERIOD.​.‍TRANSACTION IS EXPECTED TO BE CONCLUDED IN FIRST HALF 2018.​.‍INITIAL PROCEEDS FROM SALE WILL BE USED TO PAY DOWN BANK LOAN ON SIEM AIMERY AND SIEM MOXIE​.  Full Article

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Equatorial Guinea to crack down on oil services companies over local jobs

CAPE TOWN Oil and gas services firms Schlumberger, Subsea 7 and FMC face being banned from working in Equatorial Guinea if they do not commit by the end of this month to create more jobs for locals, an oil ministry source said on Friday.