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

Finance

Can Shipping Lines Survive?

The world's shipping lines risk bankruptcy and will have to shed assets in order to stay afloat. The outlook for the global container shipping industry remains challenging for the remainder of 2015,

BMT Partners with Aage Hempel

BMT SMART (BMT),  has announced  that Aage Hempel has become an accredited service partner.  This agreement will provide both organizations with the opportunity

Tanker Backlog Builds at Basra

Ships face up to a three week wait; bad weather in February delayed loading, created backlog. * April intake to be reduced to clear backlog By Keith Wallis SINGAPORE,

 
 
Maritime Security Maritime Standards Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar
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: 0.1018 sec (10 req/sec)