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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, the Norwegian global giant in offshore projects and technology for the energy sector, closed the second quarter of the year with robust operational and financial performance. Between April and June, the company reported revenue of US$ 1.5 billion, a 22% increase compared to the same period in 2022. This rising revenue is a direct reflection of the valuable contribution from the company’s Renewables business unit. At the same time, the adjusted global EBITDA reached US$ 162 million, demonstrating an 11% increase compared to the second quarter of 2022.
Activity Growth and Rising Backlog
The global backlog remained strong at US$ 10.4 billion, an impressive growth of 33% 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 acquisition of new orders followed a positive trend, with a recording of US$ 2.2 billion in the second quarter of 2023, of which US$ 1.5 billion was in new contracts and US$ 700 million in price adjustments.
John Evans, Global CEO of Subsea7, believes that the results indicate the company remains on the right track to achieve its revenue and EBITDA targets for 2023. “The renewable and emerging energy sectors continue to progress, and we are well positioned to capitalize on these opportunities. Contract prices and terms are improving, and the current market dynamics support our view that adjusted EBITDA margins should gradually grow over the coming years,” clarifies Evans.
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Petrobras implements a severe adjustment and confirms a 55% increase in the price of aviation kerosene with a proposal for installment payments for the companies.
Strengthening Activities and Strategic Partnerships
According to Evans, Subsea7’s consistent performance in the second quarter denotes significant progress towards 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 gas delivery for the Sakarya offshore field in Turkey, strengthening its relationship with Turkish Petroleum, which granted the second phase of this important project.
In the fixed offshore wind energy sector, Seaway7 secured an important contract from ScottishPower Renewables for the East Anglia THREE offshore wind farm, which will be the second largest wind farm in the world when it begins operations in the North Sea in 2026.
Ongoing Brazilian Projects
In Brazil, the projects Bacalhau, Búzios 8, and Mero 3 are continuously evolving. Construction operations for the subsea collection system of the Búzios 8 project, operated by Petrobras, are 10% complete. Meanwhile, the subsea infrastructure in Mero 3, also operated by Petrobras, registers 40% completion. Work on Bacalhau, operated by Equinor (40%), ExxonMobil (40%), Petrogal Brasil (20%), and Pré-Sal Petróleo S.A, is 66% complete.
The support vessel Seven Vega successfully completed the installation of gas and water injection lines in the Bacalhau field, while the vessel Seven Pacific performed the installation of subsea hardware, resulting in significant progress in the project development.
As part of the agreement, the Subsea Integration Alliance, an unincorporated global strategic partnership between Subsea7 and OneSubsea®, will provide 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 water depths of approximately 2,050 meters.
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