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Hike of 12% in Revenues Highlighting Project Mero 4 with Petrobras
Subsea7, a global leader in offshore solutions for the energy sector, reported a significant revenue growth of 12% in the third quarter of 2023, reaching US$ 1.6 billion. This advancement in the sector reflects the success of ongoing projects, especially in Brazil, where the contract with Petrobras for the advancement of the Mero 4 project stands out, exceeding US$ 750 million.
Strengthened Financial and Operational Performance
Subsea7’s operational and financial performance during the period from July to September was notable, with an adjusted EBITDA of US$ 201 million, equivalent to a margin of 13%. This growth is mainly attributed to the contribution from the Renewables business unit and steady performance in the Subsea and Conventional areas. With projects like Bacalhau, Búzios 8, and Mero 3&4 in full development, the company reinforces its strategic presence in Brazil.
Positive Outlook for the Future
Subsea7’s order backlog shows continuous expansion, reaching US$ 10.8 billion. With projections for approximately US$ 1.7 billion in the fourth quarter of 2023, followed by US$ 4.8 billion in 2024 and US$ 4.3 billion in 2025, the company maintains a positive outlook. According to John Evans, Global CEO of Subsea7, the company is on track to meet its annual goals, with expectations for adjusted EBITDA margins returning to a range of 15 to 20% in the coming years.
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Petrobras buys 75% of Oranto and becomes the operator of block 3 in São Tomé and Príncipe, resuming its strategy in Africa to diversify its portfolio and replenish oil and gas reserves.
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China inaugurates a new era by signing a $5.1 billion project to expand one of the largest gas fields on the planet, adding 10 billion m³ per year and reinforcing an energy mechanism that already moves 30 billion m³ annually towards its market.
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While the world felt the pinch of rising oil prices, oil companies pocketed at least $23 billion extra from the crisis in Ormuz.
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Oil plummets more than 10% and the market turns upside down after Iran opens Hormuz and eases fears about the main route in the Gulf.
Strategic Advances and Significant Partnerships
Subsea7 also celebrated the completion of the OneSubsea® joint venture and the extension of the Subsea Integration Alliance until 2033. These strategic initiatives, leveraging Subsea7’s market-leading assets and technologies, aim to increase project efficiency and explore subsea reserves with reduced carbon emissions.
Focus on the Brazilian Market
Significant Progress in Key Projects in Brazil
Subsea7’s operations in Brazil demonstrate significant progress, with highlights on Petrobras’s Búzios 8 and Mero 3&4 projects, in addition to the advanced state of the Bacalhau project. The contract for the Mero 4 project, a significant milestone for the company, includes the engineering, manufacturing, and installation of 76 kilometers of pipelines, with offshore operations scheduled for 2025 and 2026.
Strategy and Recognition in the Brazilian Sector
The Mero 4 project, integrated with the Mero 3 venture, stands out for its global and efficient approach to the supply chain, involving collaborations between Brazil, China, the United Kingdom, Europe, and Australia. Subsea7’s operational excellence has been recognized by Petrobras with “Best Supplier” awards, consolidating the company’s position as a key partner in major subsea projects in Brazil.
Strengthening the Brazilian Subsea Industry
Subsea7 continues to demonstrate its commitment to effective and innovative delivery in large-scale subsea projects in Brazil, reinforcing its contribution to strengthening the Brazilian subsea industry.
Source: Caroline, press officer of Subsea7.
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