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 June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Trading Dutch Well Placed to Pursue Russia Sanctions

The seafaring Netherlands prides itself on being a trading nation, reluctant to let politics get in the way of a good deal. But since the downing, allegedly

Navios Announces VLCC Delivery

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, has announced that the Nave Electron, a 2002-built VLCC of 305,178 dwt, was delivered

Scorpio Tankers: Latest Financial & Ship Delivery News

Scorpio Tankers Inc. says it has updated its stock buyback program; lists its latest new vessel deliveries, and gives the release date of its second quarter 2014 earnings report.

 
 
Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Ship Simulators
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1029 sec (10 req/sec)