Bli medlem
Bli medlem

Du är här

2020-07-29

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
 Unaudited
Q2 2019 Unaudited1H 2020 Unaudited1H 2019 Unaudited
Revenue7549581,5051,817
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    
Basic(3.06)0.09(3.19)0.03
Diluted(b)(3.06)0.09(3.19)0.03
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
Borrowings  

Tala om vad ni tycker

Tala om vad ni tycker

Ni är just nu inne på en betaversion av nya aktiespararna. Lämna gärna feedback på vad ni tycker i formuläret nedan.