Subsea 7 Misses EBITDA Estimates on Taiwan Delays, Low Margins

Mittwoch, 28.07.2021 08:10 von PLX

• (PLX AI) – Subsea 7 Q2 adjusted EBITDA USD 90 million vs. estimate USD 154 million.
• • Q2 revenue USD 1,200 million vs. estimate USD 1,187 million
• • Adjusted EBITDA margin of 7.5% was adversely impacted by continued delays and Covid-19 affecting renewables projects in Taiwan, as well as low margins in Subsea and Conventional
• • Subsea expects an increase in profitability in the second half of the year with improved margins in both business units
• • The long-term outlook continues to strengthen with higher tendering activity in both Subsea and Conventional and Renewables, CEO says
• • Increased worldwide demand for certain pipelay vessels from late 2023 is supporting positive momentum in the pricing environment for new subsea awards
• • We also have increased confidence in the forecast step-up in offshore wind farm activity as bidding for several projects is underway: CEO