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Subsea 7 S.A. Announces Second Quarter and Half Year 2020 Results

Luxembourg – 29 July 2020 – Subsea 7 S.A. (the Group) (Oslo Børs: SUBC, ADR: SUBCY, ISIN: LU0075646355) announced today results for the second quarter and first half of 2020 which ended 30 June 2020.

Second quarter summary

  • Order intake totalled $2.0 billion, equivalent to a book-to-bill ratio of 2.7, with six awards announced in the second quarter including orders worth $1.7 billion in the Renewables business unit
  • Order backlog increased to $7.0 billion at quarter end, of which Renewables represents 31%, with $2.1 billion expected to be executed in the remainder of 2020
  • Negative Adjusted EBITDA of $9 million for the second quarter of 2020, reflecting a $104 million restructuring charge, the impact of Covid-19 and low vessel utilisation in certain markets
  • Impairment charges relating to property, plant and equipment and right-of-use assets of $229 million and goodwill impairment charges of $578 million adversely impacted net operating income in the quarter
  • On track to deliver approximately $400 million in annualised cash cost savings by the second quarter 2021. Active fleet reduced by four vessels to 28 from 32. Employee consultation processes to reduce headcount underway
  • Strong cash flow from operations, active working capital management and disciplined capital expenditure resulted in an increase in cash and cash equivalent of $144 million
  • A two-year extension to September 2023 of the $656 million revolving credit facility. Both the revolving credit facility and Euro Commercial Paper programme remain undrawn
 Second Quarter 

Half Year
For the period (in $ millions, except Adjusted EBITDA margin and per share data)Q2 2020
Q2 2019 Unaudited1H 2020 Unaudited1H 2019 Unaudited
Adjusted EBITDA(a) (9)17159282
Adjusted EBITDA margin(a)(1%)18%4%16%
Net operating (loss)/income excluding goodwill impairment charges(352)45(401)35
Goodwill impairment charges(578)(578)
Net operating (loss)/income(930)45(979)35
Net (loss)/income(922)24(959)5
Earnings per share – in $ per share    
Adjusted diluted(b)(1.12)0.09(1.24)0.03
At (in $ millions)  30 Jun 2020 Unaudited31 March 2020 Unaudited
Backlog - unaudited(c)  7,0215,648
Cash and cash equivalents  483340

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