Subsea7 Reports Impressive Growth in Q3 2023

Written by Corporativo

Published on 24/11/2023 at 19:33

Foto: https://prvtech.com.br/

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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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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.

Subsea7 Reports Impressive Growth in Q3 2023

Hike of 12% in Revenues Highlighting Project Mero 4 with Petrobras

Strengthened Financial and Operational Performance

Positive Outlook for the Future

Strategic Advances and Significant Partnerships

Focus on the Brazilian Market

Significant Progress in Key Projects in Brazil

Strategy and Recognition in the Brazilian Sector

Strengthening the Brazilian Subsea Industry

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Subsea7 Reports Impressive Growth in Q3 2023

Hike of 12% in Revenues Highlighting Project Mero 4 with Petrobras

Strengthened Financial and Operational Performance

Positive Outlook for the Future

Strategic Advances and Significant Partnerships

Focus on the Brazilian Market

Significant Progress in Key Projects in Brazil

Strategy and Recognition in the Brazilian Sector

Strengthening the Brazilian Subsea Industry

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China is building an artificial island in the middle of the sea, covering 20 km², to construct the largest offshore airport in the world, the Dalian Jinzhouwan. This $4.3 billion project is anchored on more than 3,000 pillars embedded in the rock beneath the ocean and is scheduled to open in 2035.

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