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Multinational Subsea7, Oil And Gas Company, Achieves Historic Financial Milestone In 2023, With A Backlog Of US$ 10.6 Billion And Revenue Of US$ 6 Billion.
Subsea7, a giant in the international oil and gas sector, is celebrating a new milestone in its history after a year of active bidding, achieving a backlog of US$ 10.6 billion, a level not seen since 2013. The company’s 2023 financial report highlighted revenue of US$ 6 billion, driven by increasing activity in the Subsea and Conventional business unit.
Furthermore, projections are optimistic for 2024, and the company is already planning returns to shareholders, emphasizing its focus on the deepwater submarine market.
Subsea7’s Backlog Reaches Historic Milestone Not Seen Since 2013
After a year of intense bidding, Subsea7 announced a new financial achievement.
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The company secured contracts totaling US$ 7.4 billion in 2023, raising its backlog to US$ 10.6 billion.
This level had not been reached since 2013, marking an important number in the history of the oil and gas company.
The 2023 financial report also revealed an increase in Subsea7’s revenue, reaching US$ 6 billion, a figure 16% higher compared to the previous year.
This growth is attributed to the increasing activity in the Subsea and Conventional business unit, driven by demand in the offshore oil and gas sector.
However, the Renewables business unit faced challenges due to fixed-price projects in the UK.
Meanwhile, Subsea7’s adjusted EBITDA in the global market reached US$ 714 million, reflecting a margin of 12%, a 28% increase compared to 2022.
The net operating profit amounted to US$ 105 million in 2023, representing a decrease from the previous year.
Multinational Is Optimistic About Results In The Oil And Gas Market In 2024
Now, Subsea7 projects revenue between US$ 6 billion and US$ 6.5 billion in 2024, with an estimated adjusted EBITDA between US$ 950 million and US$ 1 billion.
The company maintains an optimistic outlook for the oil and gas market, mainly due to the bidding pipeline, estimated at US$ 21 billion.
The company reinforces its commitment to maximizing returns on historic investments, especially in the submarine fleet.
Thus, it plans returns to shareholders totaling at least US$ 1 billion over the next four years. This expands the historical total of returns since 2011 to US$ 3 billion.
John Evans, CEO of Subsea7, highlighted the optimistic projections for 2024, with US$ 5.7 billion of firm work and the expectation of adjusted EBITDA growth of at least 33%.
Now, the company reinforces its position in the deepwater submarine market and expects a promising year in its backlog.
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