Luxembourg – 2 May 2019 – Subsea 7 S.A. (the Group) (Oslo Børs: SUBC, ADR: SUBCY, ISIN: LU0075646355) announced today results for the first quarter which ended 31 March 2019.
First Quarter highlights
- New awards and escalations totalled $1.1 billion, raising order backlog to $5.2 billion
- Revenue of $859 million and Adjusted EBITDA of $111 million reflecting continued cost discipline and good execution of awards signed at lower prices during the downturn
- Invested for the future with capital expenditure totalling $68 million including an extensive dry-docking of the pipelay vessel Seven Borealis and acquisition of diving support vessel (DSV), Seven Pegasus
- Net cash position of $413 million, excluding IFRS 16 lease liabilities, after $75 million spent on share repurchases in the first quarter
For further information, including the results press release, presentation and conference call dial in details please visit our website at www.subsea7.com or contact:
Isabel Green
Investor Relations
Subsea 7 S.A.
e-mail: isabel.green@subsea7.com
T: +44 (0) 20 8210 5568