subsea 7 presentation

Subsea 7 publishes Annual Report and Sustainability Report 2021

Luxembourg – 1 6 March 20 2 2 - Subsea 7 (Oslo Børs: SUBC, ADR: SUBCY) today announced the publication of the Annual Report containing the Consolidated Financial Statements for the Subsea 7 Group and the Annual Accounts of Subsea 7 S.A., the Parent Company, for the year ended 31 December 2021. The Annual Report is accompanied by the Sustainability Report for 2021, which was also published today.

Both reports are available on www.subsea7.com

******************************************************************************* Subsea 7 is a global leader in the delivery of offshore projects and services for the evolving energy industry. We create sustainable value by being the industry’s partner and employer of choice in delivering the efficient offshore solutions the world needs.

Subsea 7 is listed on the Oslo Børs (SUBC), ISIN LU0075646355, LEI 222100AIF0CBCY80AH62.

*******************************************************************************

Contact for investment community enquiries: Katherine Tonks Investor Relations Director Tel +44 (0)20 8210 5568 [email protected]

Attachments

• Subsea 7 - Annual Report 2021
• Subsea 7 - Sustainability Report 2021
• 222100AIF0CBCY80AH62-2021-12-31-en

S&P 500

Russell 2000, bitcoin usd, cmc crypto 200, subsea 7 s.a. announces third quarter 2023 results.

Luxembourg – 16 November 2023 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY, ISIN: LU0075646355, the Company) announced today results of Subsea7 Group (the Group, Subsea7) for the third quarter which ended 30 September 2023.

Third quarter highlights

Third quarter Adjusted EBITDA of $201 million, a margin of 13%

Free cash flow of $223 million, resulting in an increase in cash and cash equivalents to $530 million

Net debt including lease liabilities $606 million, down from $805 million in the second quarter

Order intake of $2.1 billion resulted in a book-to-bill of 1.3 times and continued backlog growth to $10.8 billion

Backlog for execution in 2024 of $4.8 billion, up 51% on the equivalent position a year ago, with $3.2 billion for 2025

Recent awards and high levels of ongoing tendering activity support a return of Adjusted EBITDA margins to a range of 15-20%, reaching towards the upper end of the range in 2025

Full year 2023 guidance reconfirmed. In 2024, we anticipate that revenue will be between $6.0 and $6.5 billion, while Adjusted EBITDA is expected to be within a range from $950 million to $1.0 billion

(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 reported solid third quarter results in line with management’s expectations and the Group is on-track to meet guidance for the full year 2023. During the quarter, good operational progress was made on key projects in both Subsea and Conventional, and Renewables, including early activity on the backlog of higher-margin contracts. As these contracts mature, we are confident that Adjusted EBITDA margins will return to a range of 15-20%, reaching towards the upper end of the range for the full year 2025. Tendering activity in both subsea and offshore wind remains at high levels, extending our visibility beyond 2025 and supporting our view of a sustained upcycle into the latter part of the decade.

In Q3, the Renewables business unit delivered a double-digit Adjusted EBITDA margin for the second consecutive quarter by stabilising execution and high-grading new orders to rebalance risk and return. While the offshore wind industry continues its non-linear growth trajectory, we are confident that we have the right approach to sustain this improved level of performance.

On 2 October, the OneSubsea joint venture between Subsea7, SLB and Aker Solutions completed and, simultaneously, Subsea Integration Alliance between Subsea7 and OneSubsea was extended to 2033. The joint venture and Alliance leverage our combined market-leading assets, services and technologies to reinforce our ability to deliver greater efficiencies to clients, enabling them to unlock lower-carbon subsea reserves. During the quarter, the Alliance signed an agreement with BP for integrated subsea developments, working in a collaboration that will create value for BP, Subsea7 and OneSubsea, through enhanced visibility and optimised delivery.

Operational highlights

During the third quarter, Subsea7 made good progress on its major Subsea and Conventional projects. In Norway, for the large Yggdrasil project, activity was focused on design engineering, while offshore activities continued on Hanz, Hasselmus, Heimdal, Kobra East Gekko, Ormen Lange, Northern Lights and Tyrving utilising Seven Oceans, Seven Oceanic, Seven Falcon and Seven Navica . In Brazil Seven Vega and Seven Pacific were active offshore on the Bacalhau project and good progress was made on Mero 3, where we installed torpedo piles and fabrication works at Ubu commenced. In Senegal, Seven Seas installed structures at Sangomar while, in Angola, onshore fabrication for the CLOV 3 project continued. In Saudi Arabia, Seven Borealis completed the first campaign for the Marjan 2 project and in Indonesia, fabrication of pipe stalks began at the Bintan spoolbase for the Scarborough and Barossa projects in Australia.

In Renewables, activity was high in the UK where Seaway Strashnov completed the installation of monopiles for Dogger Bank A. In October, Seaway Alfa Lift commenced mobilisation for the installation of the transition pieces. Elsewhere, Seaway Phoenix continued cable lay at the Changfang and Xidao project in Taiwan and our newbuild foundation and turbine installation vessel, Seaway Ventus, underwent sea trials in China ahead of yard delivery in the fourth quarter.

Third quarter financial review Revenue of $1.6 billion increased 12% compared to the prior year period. Adjusted EBITDA of $201 million equated to an Adjusted EBITDA margin of 13%, slightly ahead of the prior year period. This reflected the continued improved profitability in Renewables and a good performance in Subsea and Conventional. After a depreciation and amortisation charge of $137 million, net operating income increased to $64 million from $53 million in the prior year period. After net finance costs of $12 million, and a net foreign exchange loss of $7 million, net income for the quarter was $36 million compared to breakeven in the third quarter of 2022.

Net cash generated from operating activities was $289 million including an $88 million improvement in net working capital. Net cash used in investing activities was $61 million mainly related to payments for Seaway Ventus . Net cash used in financing activities was $94 million including lease payments of $45 million and repayment of borrowings of $31 million. Overall, cash and cash equivalents increased by $132 million from 30 June 2023 to $530 million at 30 September 2023. Net debt at the end of the third quarter was $606 million including lease liabilities of $410 million.

Third quarter order intake was $2.1 billion comprising new awards of $1.4 billion and escalations of $0.7 billion resulting in a book-to-bill ratio of 1.3 times. Backlog at the end of September was $10.8 billion, of which $1.7 billion is expected to be executed in the fourth quarter of 2023, $4.8 billion in 2024 and $3.2 billion in 2025.

We continue to expect revenue and Adjusted EBITDA in 2023 to be higher than 2022. In 2024, we anticipate that revenue will be between $6.0 and $6.5 billion, while Adjusted EBITDA is expected to be within a range from $950 million to $1.0 billion. We expect capital expenditure to reduce to between $280 and $320 million. We therefore anticipate a sharp increase in free cash flow generation in 2024 which will enable us to extend our decade-long track record of shareholder returns. As pricing and contract terms continue to improve, Adjusted EBITDA margins should increase within a range of 15-20%, reaching towards the upper end of the range for the full year 2025.

With a tight subsea vessel market in 2024 and 2025, we are now tendering work for major EPCI projects with offshore activity in 2026 and beyond. We see sustained capital expenditure by clients in the subsea market, where the carbon intensity of resources and extraction method is lower than the global hydrocarbon average. A positive outlook for demand, combined with stability in the competitive landscape and the absence of newbuild global enabler pipelay vessels should ensure we generate an appropriate return on the substantial capital already invested in our subsea fleet.

In offshore wind, our foundation and cable lay installation vessels are near-fully utilised on world-class projects through 2024 and 2025. Despite the recent uncertainty in the regulatory and fiscal environments in the UK and US markets, demand for our services is strong, including in the Netherlands, Germany and Poland. With a focus on balancing risk and returns, we believe our offshore wind business will deliver sustainable value creation for shareholders for the long term.

Overall, through strong positions in lower-carbon oil and gas, as well as offshore wind, Subsea7 is well-placed to deliver the energy the world needs for today and tomorrow.

Conference Call Information Date : 16 November 2023 Time : 12:00 UK Time, 13:00 CET Access the webcast at subsea7.com or edge.media-server.com/mmc/p/zawi5mv6/ Register for the conference call at https://register.vevent.com/register/BI27406ccbe6134b6c875efd57a1191e4a

For further information , please contact :

Katherine Tonks Head of Investor Relations Email: [email protected] Telephone: +44 20 8210 5568

Special Note Regarding Forward-Looking Statements This document may contain ‘forward-looking statements’ (within the meaning of the safe harbour provisions of the U.S. Private Securities Litigation Reform Act of 1995). These statements relate to our current expectations, beliefs, intentions, assumptions or strategies regarding the future and are subject to known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements may be identified by the use of words such as ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘future’, ‘goal’, ‘intend’, ‘likely’ ‘may’, ‘plan’, ‘project’, ‘seek’, ‘should’, ‘strategy’ ‘will’, and similar expressions. The principal risks which could affect future operations of the Group are described in the ‘Risk Management’ section of the Group’s Annual Report. Factors that may cause actual and future results and trends to differ materially from our forward-looking statements include (but are not limited to): (i) our ability to deliver fixed price projects in accordance with client expectations and within the parameters of our bids, and to avoid cost overruns; (ii) our ability to collect receivables, negotiate variation orders and collect the related revenue; (iii) our ability to recover costs on significant projects; (iv) capital expenditure by oil and gas companies, which is affected by fluctuations in the price of, and demand for, crude oil and natural gas; (v) unanticipated delays or cancellation of projects included in our backlog; (vi) competition and price fluctuations in the markets and businesses in which we operate; (vii) the loss of, or deterioration in our relationship with, any significant clients; (viii) the outcome of legal proceedings or governmental inquiries; (ix) uncertainties inherent in operating internationally, including economic, political and social instability, boycotts or embargoes, labour unrest, changes in foreign governmental regulations, corruption and currency fluctuations; (x) the effects of a pandemic or epidemic or a natural disaster; (xi) liability to Fourth parties for the failure of our joint venture partners to fulfil their obligations; (xii) changes in, or our failure to comply with, applicable laws and regulations (including regulatory measures addressing climate change); (xiii) operating hazards, including spills, environmental damage, personal or property damage and business interruptions caused by adverse weather; (xiv) equipment or mechanical failures, which could increase costs, impair revenue and result in penalties for failure to meet project completion requirements; (xv) the timely delivery of vessels on order and the timely completion of ship conversion programmes; (xvi) our ability to keep pace with technological changes and the impact of potential information technology, cyber security or data security breaches; and (xvii) the effectiveness of our disclosure controls and procedures and internal control over financial reporting. Many of these factors are beyond our ability to control or predict. Given these uncertainties, you should not place undue reliance on the forward-looking statements. Each forward-looking statement speaks only as of the date of this document. We undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

This stock exchange release was published by Katherine Tonks, Investor Relations, Subsea7, on 16 November 2023 at 08:00 CET.

Attachments

SUBC 3Q23 Presentation

SUBC 3Q23 Earnings Release

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Subsea 7 S.A.

Lu0075646355, oil related services and equipment.

• Subsea 7 S A : Q4 2021 Results Presentation

Fourth Quarter and Full Year 2021

Earnings Presentation

3 March 2022

Forward-looking statements

This document may contain 'forward-looking statements' (within the meaning of the safe harbour provisions of the U.S. Private Securities Litigation Reform Act of 1995). These statements relate to our current expectations, beliefs, intentions, assumptions or strategies regarding the future and are subject to known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements may be identified by the use of words such as 'anticipate', 'believe', 'estimate', 'expect', 'future', 'goal', 'intend', 'likely' 'may', 'plan', 'project', 'seek', 'should', 'strategy' 'will', and similar expressions. The principal risks which could affect future operations of the Group are described in the 'Risk Management' section of the Group's Annual Report and Consolidated Financial Statements for the year ended 31 December 2020. Factors that may cause actual and future results and trends to differ materially from our forward-looking statements include (but are not limited to): (i) our ability to deliver fixed price projects in accordance with client expectations and within the parameters of our bids, and to avoid cost overruns; (ii) our ability to collect receivables, negotiate variation orders and collect the related revenue; (iii) our ability to recover costs on significant projects; (iv) capital expenditure by oil and gas companies, which is affected by fluctuations in the price of, and demand for, crude oil and natural gas; (v) unanticipated delays or cancellation of projects included in our backlog; (vi) competition and price fluctuations in the markets and businesses in which we operate; (vii) the loss of, or deterioration in our relationship with, any significant clients; (viii) the outcome of legal proceedings or governmental inquiries; (ix) uncertainties inherent in operating internationally, including economic, political and social instability, boycotts or embargoes, labour unrest, changes in foreign governmental regulations, corruption and currency fluctuations; (x) the effects of a pandemic or epidemic or a natural disaster; (xi) liability to Fourth parties for the failure of our joint venture partners to fulfil their obligations; (xii) changes in, or our failure to comply with, applicable laws and regulations (including regulatory measures addressing climate change); (xiii) operating hazards, including spills, environmental damage, personal or property damage and business interruptions caused by adverse weather; (xiv) equipment or mechanical failures, which could increase costs, impair revenue and result in penalties for failure to meet project completion requirements; (xv) the timely delivery of vessels on order and the timely completion of ship conversion programmes; (xvi) our ability to keep pace with technological changes and the impact of potential information technology, cyber security or data security breaches; and (xvii) the effectiveness of our disclosure controls and procedures and internal control over financial reporting;. Many of these factors are beyond our ability to control or predict. Given these uncertainties, you should not place undue reliance on the forward-looking statements. Each forward-looking statement speaks only as of the date of this document. We undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Full year 2021 results

FINANCIAL HIGHLIGHTS

• Revenue $5.0 billion
• Adjusted EBITDA $521 million
• Adjusted EBITDA margin 10%
• Operating cash flow $293 million
• Free cash flow $127 million
• Net debt $55 million

SHAREHOLDER RETURNS

• Regular dividend policy introduced
• Returns to shareholders of approximately $100 million in 2022

OPERATIONAL HIGHLIGHTS

• Active fleet vessel utilisation: 83%
• Large EPCI projects on track
• Order intake up 38% at $6.1 billion
• New PLSV contracts add long-term visibility

STRATEGIC HIGHLIGHTS

• Subsea field of the future driving market share gains
• Step change in fixed offshore wind
• Floating wind strategy enhanced

Operational highlights

Backlog by business unit

Backlog of $7.2 billion, at 31 December 2021

• Book-to-bill
• 1.2 in FY 2021
• New order intake
• $2.0 billion in Q4
• $6.1 billion in FY 2021
• Including escalations of
• $400 million in Q4
• $1.2 billion in FY 2021

Attachments

• Original Link
• Original Document

Subsea 7 SA published this content on 03 March 2022 and is solely responsible for the information contained therein. Distributed by Public , unedited and unaltered, on 03 March 2022 08:19:03 UTC .

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Following the minority share acquisition by Subsea 7 S.A, Seaway 7 ASA was delisted from Euronext Growth Oslo on May 12th 2023. Seaway7 is now 100% owned by Subsea7 and operates as an autonomous subsidiary.

The legacy results, reports and publications Seaway 7 ASA can be accessed below.

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