Subsea 7 - 3rd Qtr Report

Wednesday, October 22, 2008

The company’s performance summary gave highlights for the quarter including: good project execution in all regions delivering EBITDA of $164.8 million; satisfactory financial result despite currency losses and mark-to-market adjustment of derivatives; and award of largest contract to date in Africa from BP in respect of Block 31 - signed first call-off contract under the framework agreement with an estimated value of $460 million.

Furthermore, the report noted that the Boards of Directors of Subsea 7 Inc. and Acergy discussed the possibility of a combination between the two companies. These discussions were terminated on Monday 20 October 2008.

The report summarized the company’s outlook, saying that although there is higher uncertainty related to the oil price in the coming years, the underlying macro economics for the sector remain strong. The activity level in this industry will be high on existing projects in the near term. The award of the Block 31 contract in , together with a continued high level of tendering activity, indicates a strong market through to 2012.

(www.subsea7.com)

Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Port of Duluth Intermodal Project Underway

The U.S. Department of Transportation’s Maritime Administrator, Chip Jaenichen, today joined Senators Amy Klobuchar and Al Franken, Congressman Rick Nolan, Duluth Mayor Don Ness,

Chile Exporters Fret as Customs Strike Continues

A customs strike in Chile that began last week has started to affect exports and imports, although miners in the top copper producer said this week they have not yet been significantly impacted.

Superyacht Marina Planned at San Juan, Puerto Rico

Puerto Rico Ports Authority issues RFP for Marina District. The project envisions a superyacht marina and dry dock maintenance, repair and overhaul facility

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1054 sec (9 req/sec)