Subsea 7 unveils third quarter results including record order backlogCompany News // November 19, 2013
Subsea 7 has announced results for the third quarter which ended on 30 September 2013. Jean Cahuzac, the company's Chief Executive Officer, said: "We have delivered good financial results and are on track to deliver full-year Adjusted EBITDA in line with consensus expectations.
"These results reflect high levels of offshore activity, project phasing in West Africa and high vessel utilisation in the North Sea.
"Adverse weather conditions have continued to hamper progress on the Guara-Lula NE project but we believe that the full-life project loss previously announced in June remains appropriate. We continue to be satisfied with our performance in executing our remaining project portfolio.
"We have achieved a record backlog of US$11 .8 billion which includes the award of three five-year contracts for newbuild PLSVs in Brazil."