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Subsea7's leadership in the offshore energy sector continues to deliver impressive results; Brazil stands out with Bacalhau, Búzios 8 and Mero 3 projects
Subsea7, a Norwegian global giant in offshore projects and technology for the energy sector, said goodbye to the second quarter of the year with a robust operational and financial performance. Between April and June, the company recorded revenue of US$ 1,5 billion, an expansion of 22% compared to the same period of 2022. This rising revenue is a direct reflection of the valuable contribution of the company's Renewables business division. At the same time, worldwide adjusted EBITDA reached US$ 162 million, showing an 11% increase compared to the second quarter of 2022.
Activity Growth and Backlog on the Rise
The global backlog held steady at a value of $10,4 billion, an impressive 33% growth compared to the second quarter of the previous year. Of this amount, approximately US$ 400 million is related to long-term contracts for PLSVs (Pipe Laying Support Vessel) in Brazil. The capture of new orders followed a positive trend, with a record of US$ 2,2 billion in the second quarter of 2023, of which US$ 1,5 billion in new contracts and US$ 700 million in price adjustments.
John Evans, Global CEO of subsea7, believes the results indicate the company remains on track to achieve its forecast 2023 revenue and EBITDA targets. “The renewable and emerging energy sectors continue to progress, and we are well positioned to take advantage of these opportunities. Pricing and contract terms are improving and current market dynamics support our view that adjusted EBITDA margins should grow gradually over the next few years,” explains Evans.
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Strengthening of Activities and Strategic Partnerships
According to Evans, the Norwegian company's consistent performance in the second quarter denotes important progress towards the energy transition and reaffirms the company's ability to manage projects in an agile and efficient manner. During this period, the company completed the first delivery of gas to the Sakarya offshore field, in Turkey, strengthening its relationship with Turkish Petroleum, which awarded the second phase of this important project.
In the area of fixed offshore wind, Seaway7 has secured a major contract from ScottishPower Renewables for the East Anglia THREE offshore farm, which will be the second largest wind farm in the world when it starts operations in the North Sea in 2026.
Brazilian Projects in Progress
In Brazil, projects Codfish, Buzios 8 e Merry 3 are constantly evolving. The construction operations of the submarine collection system for the Búzios 8 project, by Petrobras, are at 10% progress. Already the subsea infrastructure in Mero 3, also operated by Petrobras, registers 40% of evolution. Work at Bacalhau, operated by Equinor (40%), ExxonMobil (40%), Petrogal Brasil (20%) and Pré-Sal Petróleo SA, is 66% complete.
The support vessel Seven Vega successfully completed the installation of gas and water injection pipelines in the Bacalhau field, while the vessel Seven Pacific carried out the installation of the subsea hardware, resulting in a significant advance in the development of the project.
As part of the agreement, the Subsea Integration Alliance, an unincorporated strategic global partnership between Subsea7 and OneSubsea®, will supply approximately 140 kilometers of rigid risers and flowlines, along with 40 kilometers of umbilicals and 19 Christmas trees, in addition to related subsea equipment, which will be positioned in a water depth of approximately 2.050 meters.
