Subsea 7 S.A. Announces First Quarter 2024 Results - Seite 2

31 Mar 2024
Unaudited  

31 Dec 2023
Unaudited Backlog^(a)     10,429 10,587 Book-to-bill ratio^(a)     0.9x 1.2x Cash and cash equivalents     604 751 Borrowings     (814) (845) Net debt excluding lease liabilities^(a)     (211) (94) Net debt including lease liabilities^(a)     (782) (552)

(a) For explanations and reconciliations of Adjusted EBITDA, Adjusted EBITDA margin, Backlog, Book-to-bill ratio and Net debt refer to the ‘Alternative Performance Measures’ section of the Condensed Consolidated Financial Statements.

(b) For the explanation and a reconciliation of diluted earnings per share refer to Note 7 ‘Earnings per share’ to the Condensed Consolidated Financial Statements.

John Evans, Chief Executive Officer, said:

Subsea7 delivered a strong operational and financial performance in the first quarter with Adjusted EBITDA of $162 million – up 52% on the prior year – and the Group is on track to achieve its full year objectives. Our backlog remained robust at $10.4 billion, giving us clear visibility on the remainder of 2024 and 2025. Tendering activity is high in both the subsea and offshore wind sectors, and we are confident that the Group’s differentiated, value accretive solutions and strong, collaborative client relationships position us well to grow the backlog with high-quality contracts at improved margins.

First quarter operational highlights

During the first quarter we experienced normal seasonality due to winter conditions in parts of the Northern Hemisphere, while activity in the Southern Hemisphere was high. Subsea activity continued on the Bacalhau development in Brazil, with the installation of rigid risers and flowlines by Seven Vega, while Seven Pacific and Seven Cruzeiro installed umbilicals and other subsea structures. Early offshore activities commenced for Mero 3 with the installation of the FPSO mooring system. In Senegal, Seven Seas and Seven Sisters completed their final scopes for the Sangomar project, installing risers and umbilicals and hooking up the floating production unit. In Saudi Arabia, Seven Borealis completed its pipelay scope at Marjan 2 before transiting to Guyana. In Australia, Seven Oceans began installation activities at Scarborough and Seven Oceanic began installation activities at Barossa. Activity in offshore wind included cable lay at Yunlin and Zhong Neng in Taiwan while, in the UK, Seaway Alfa Lift continued installation of transition pieces at Dogger Bank A in the UK. In March, Seaway Aimery began cable lay at Moray West.