Subsea 7 S.A. Announces Third Quarter 2019 Results

Subsea 7 S.A. (the Group) (Oslo Børs: SUBC, ADR: SUBCY, ISIN: LU0075646355) announced today results for the third quarter which ended 30 September 2019.

Third Quarter highlights

• Adjusted EBITDA of $181 million and margin of 19% reflected good progress on certain projects but lower activity in Renewables and Heavy Lifting

• Order intake totalled $1.4 billion with six awards announced in the quarter; order backlog increased to $4.9 billion at the quarter end, of which $2.6 billion is booked for execution in 2020

• Solid financial and liquidity position with cash and cash equivalents of $367 million and net debt of $241 million including $368 million related to IFRS 16 lease liabilities at 30 September 2019

• New guidance: 2020 Revenue and Adjusted EBITDA higher than 2019 driven by a steady increase of activity anticipated in all our end markets

Source / More : Subsea 7 S.A.

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