Subsea 7 S.A. Announces First Quarter 2024 Results

Luxembourg – 25 April 2024 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY, ISIN: LU0075646355, the Company) announced today results of Subsea7 Group (the Group, Subsea7) for the first quarter which ended 31 March 2024.

First quarter highlights  

• Adjusted EBITDA of $162 million, up 52% on the prior year period, equating to a margin of 12%
• Backlog remains robust at $10.4 billion, of which $4.8 billion to be executed in the remainder of 2024
• High tendering activity supports management’s confidence in the outlook for order intake and margin expansion
• Full year 2024 guidance reconfirmed: Adjusted EBITDA expected to be within a range from $950 million to $1.0 billion

			Three Months Ended
For the period (in $ millions, except Adjusted EBITDA margin and per share data)			31 Mar 2024 Unaudited	31 Mar 2023 Unaudited
Revenue			1,395	1,246
Adjusted EBITDA(a)			162	107
Adjusted EBITDA margin(a)			12%	9%
Net operating income/(loss)			20	(15)
Net income/(loss)			29	(29)
Earnings per share – in $ per share
Basic			0.09	(0.07)
Diluted(b)			0.09	(0.07)
At (in $ millions)