Cost discipline helps Subsea 7 have good first quarterCompany News // April 28, 2017
Subsea 7 says continued cost discipline and strong operational performance contributed to adjusted EBITDA of US$268 million, at a margin of 30 per cent, in the first quarter of 2017.
The company’s chief executive officer, Jean Cahuzac, said: “Our excellent operational and financial results this quarter reflect consistently strong execution and sustained cost discipline. We continued to deliver best-in-class performance despite the industry-wide downturn. Our adjusted EBITDA margin remained high as a result of cost savings and successful progression on several projects.”
Mr Cahuzac went on to say: “Our early involvement and collaborative approach on projects have enabled us to develop a market-leading role in optimising efficiency for our clients. Our early engineering activity has increased and we expect this trend to continue as the market recovers in the future. Our clients show a growing interest in integrated SPS and SURF solutions. The award of the Mad Dog 2 project to Subsea 7 and OneSubsea on an integrated basis was a significant industry milestone.”