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

Finance

Reports: Brazilian Tycoon Batista Investigated For Financial Crimes

Brazils federal police have opened an investigation into former billionaire Eike Batista for financial crimes, including insider trading, manipulation of markets and money laundering,

Shipping Turns From Banks to Equity Markets for Cash

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

Canaveral Tops State List for Sand Bypass Funding

The Canaveral Harbor Inlet Sand Bypass Project has earned the top state ranking for 2014/15 inlet management funding. As a result, Port Canaveral is expected to receive $100,

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Salvage Ship Simulators Shipbuilding / Vessel Construction 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: 0.0863 sec (12 req/sec)