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Subsea 7 SA (SUBC.OL)

SUBC.OL on Oslo Stock Exchange

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Latest Key Developments (Source: Significant Developments)

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

Subsea 7 proposes special dividend of NOK 5 per share
Thursday, 1 Mar 2018 02:00am EST 

March 1 (Reuters) - Subsea 7 Sa ::IN LIGHT OF GROUP'S SOLID FINANCIAL AND LIQUIDITY POSITION AND IMPROVED MARKET OUTLOOK, BOARD OF DIRECTORS WILL RECOMMEND TO SHAREHOLDERS AT ANNUAL GENERAL MEETING ( "AGM") THAT A SPECIAL DIVIDEND OF NOK 5.00 PER SHARE BE PAID​.  Full Article

Subsea 7 and Schlumberger plans 50/50 owned subsea joint venture
Friday, 23 Feb 2018 01:12am EST 

Feb 23 (Reuters) - Subsea 7 Sa ::SCHLUMBERGER AND SUBSEA 7 ANNOUNCE INTENT TO FORM A JOINT VENTURE.‍SCHLUMBERGER AND SUBSEA 7 S.A. TODAY ANNOUNCED THAT THEY HAVE ENTERED INTO EXCLUSIVE NEGOTIATIONS TO FORM A JOINT VENTURE THAT BUILDS ON SUCCESS OF SUBSEA INTEGRATION ALLIANCE, WHICH WAS ESTABLISHED IN 2015​.‍JOINT VENTURE WILL BE OWNED 50% BY SUBSEA 7 AND 50% BY SCHLUMBERGER​.‍SUBSEA INTEGRATION ALLIANCE CURRENTLY COMBINES SUBSURFACE EXPERTISE, SUBSEA PRODUCTION SYSTEMS (SPS) AND SUBSEA PROCESSING SYSTEMS OF ONESUBSEA WITH SUBSEA UMBILICAL, RISER AND FLOWLINE SYSTEMS (SURF) CAPABILITY OF SUBSEA 7​.‍PROPOSED JOINT VENTURE WILL FURTHER STRENGTHEN FRONT END ENGINEERING, DESIGN AND EXECUTION OF INTEGRATED PROJECTS​.‍WILL BUILD ON EXPERTISE FROM BOTH COMPANIES CREATING A UNIQUE LIFE OF FIELD OFFERING THAT INCLUDES AUTONOMOUS SUBSEA TECHNOLOGY, DIGITALLY ENABLED REMOTE SURVEILLANCE AND PRODUCTION MONITORING, AND INSPECTION, MAINTENANCE AND REPAIR SERVICES​.‍BOTH PARTIES EXPECT TO ACCOUNT FOR THEIR INVESTMENTS IN JOINT VENTURE UNDER EQUITY METHOD OF ACCOUNTING​.‍CUSTOMERS WILL REMAIN FREE TO PURCHASE NON-INTEGRATED PRODUCTS AND SERVICES FROM ANY MANUFACTURER AND VENDOR, INCLUDING SCHLUMBERGER AND SUBSEA 7​.  Full Article

NORWEGIAN STOCKS-Strong salmon shares lead Oslo higher

OSLO, Aug 16 (Reuters) - * Norwegian shares traded up on Thursday * Oslo's benchmark index rose 0.82 pct, or 7.28 points, to 890.01 points and was up by 8.38 pct year-to-date * The broader Oslo All Share Index was up 0.71 percent * Brent crude futures, a trigger for the oil heavy Oslo Bourse, rose $0.11 to $70.87 a barrel * Among the biggest firms on the Oslo Bourse, Equinor rose 0.47 pct, Telenor rose 0.72 pct and DNB rose 0.24 pct * Turnover at the Oslo Bourse was 1.9 billion Norwegian crowns