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Subsea 7 SA (SUBC.OL)

SUBC.OL on Oslo Stock Exchange

126.70NOK
22 Jun 2018
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kr5.75 (+4.75%)
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Latest Key Developments (Source: Significant Developments)

Subsea 7 wins "substantial" Statoil contract
Wednesday, 9 May 2018 

May 9 (Reuters) - Subsea 7 SA ::SUBSEA 7 AWARDED CONTRACT OFFSHORE NORWAY.AWARD OF A SUBSTANTIAL CONTRACT BY STATOIL FOR PROVISION OF SUBSEA INSPECTION, REPAIR AND MAINTENANCE (IRM) SERVICES ON NORWEGIAN CONTINENTAL SHELF.SUBSEA 7 DEFINES A SUBSTANTIAL CONTRACT AS BEING BETWEEN USD 150 MILLION AND USD 300 MILLION.CONTRACT INVOLVES PROVISION OF A LIFE OF FIELD SUPPORT VESSEL FOR FIVE YEARS, WITH OPTIONS FOR EXTENSIONS.SUBSEA 7: LIFE OF FIELD SUPPORT VESSEL, WITH WORK CLASS AND OBSERVATION CLASS ROVS AND MODULE HANDLING SUPPORT SYSTEM, MUST BE CAPABLE OF PERFORMING STANDARD INSPECTIONS, LIGHT CONSTRUCTION AND SCALE SQUEEZE OPERATIONS, AS WELL AS MODULE HANDLING AND CHRISTMAS TREE INSTALLATION.OFFSHORE ACTIVITIES WILL BEGIN IN JANUARY 2019 USING SUBSEA 7'S HIGH SPECIFICATION LIFE OF FIELD VESSEL, SEVEN VIKING.  Full Article

Aker Solutions CEO: Tie-up of Subsea 7 and McDermott would reduce competition
Thursday, 26 Apr 2018 

April 27 (Reuters) - The CEO and the CFO of Aker Solutions ASA made the following statements on Friday::CFO: EXPECTS MARKET ACTIVITY IN BRAZIL TO PICK UP "VERY SOON".CEO: EXPECTS MARGINS TO GO UP, BUT DOESN'T EXPECT TO SEE THE SAME PRICE INFLATION AS IN THE PAST.CEO SAYS IS WATCHING "VERY CLOSELY" SUBSEA 7 MOVE TO ACQUIRE MCDERMOTT.CEO SAYS HE DOESN'T EXPECT BIG IMPACT ON AKER SOLUTIONS IF PROPOSED SUBSEA 7-MCDERMOTT DEAL GOES THROUGH.CEO SAYS CONSOLIDATION WOULD RESULT IN LESS COMPETITION, LESS CHOICE FOR CLIENTS.CEO: "WE ARE CONVINCED THAT WE CAN REMAIN, TO STAND ALONE, AND THE Q1 ORDER INTAKE PROVES THAT, BUT IT'S UP TO OUR SHAREHOLDERS AND THE BOARD".CEO SAYS THE COMPANY EXPECTS ORDERS FROM OUTSIDE NORWAY TO BE TWICE AS HIGH AS IN NORWAY AFTER 2020-2022.CEO: SEES GREAT OPPORTUNITIES FOR FIELD MODIFICATION PROJECTS IN NORWAY FOR A LONG TIME.  Full Article

Mcdermott Reiterates Rejection Of Subsea 7’S Non-Binding, Unsolicited Proposal
Wednesday, 25 Apr 2018 

April 25 (Reuters) - McDermott International Inc ::MCDERMOTT REITERATES REJECTION OF SUBSEA 7’S NON-BINDING, UNSOLICITED PROPOSAL.SAYS "FULLY COMMITTED" TO COMPLETING COMBINATION WITH CB&I.SAYS COMBINATION WITH CB&I EXPECTED TO CLOSE IN MAY 2018.  Full Article

Subsea 7 re-affirms its proposal to acquire McDermott
Wednesday, 25 Apr 2018 

April 25 (Reuters) - Subsea 7 Sa ::SUBSEA 7 RE-AFFIRMS ITS PROPOSAL TO ACQUIRE MCDERMOTT.SAYS IS OPEN TO CONSIDERING AMENDING ITS PROPOSAL IF IT CAN DISCOVER ADDITIONAL VALUE THROUGH DISCUSSIONS WITH MCDERMOTT MANAGEMENT TEAM.MCDERMOTT BOARD REJECTED SUBSEA 7'S UNSOLICITED OFFER WORTH ABOUT $2 BILLION ON APRIL 20 nL8N1S00VG.  Full Article

Saipem onshore drilling could be candidate to tie up with other operators - CEO
Tuesday, 24 Apr 2018 

April 24 (Reuters) - Saipem CEO Stefano Cao says::ONSHORE DRILLING BUSINESS COULD BE CANDIDATE FOR COMBINATION WITH OTHER OPERATORS IN THE SECTOR.  Full Article

Saipem CEO says Subsea 7 bid sign of consolidation, needs montitoring
Tuesday, 24 Apr 2018 

April 24 (Reuters) - Saipem CEO Stefano Cao says::SUBSEA 7 BID ON MCDERMOTT IS SIGN OF CONSOLIDATION OF SECTOR THAT "NEEDS TO BE MONITORED CAREFULLY".  Full Article

Subsea 7 approached McDermott after CB&I deal met opposition -chairman
Monday, 23 Apr 2018 

April 23 (Reuters) - Subsea 7's Chairman Kristian Siem and CEO Jean Cahuzac made the following statements during an investor call on Monday: :SUBSEA 7 CHAIRMAN SAYS COMPANY MADE PROPOSAL TO BUY MCDERMOTT AFTER SOME SHAREHOLDERS AND ONE MCDERMOTT DIRECTOR DISCLOSED OPPOSITION TO MCDERMOTT'S DEAL TO ACQUIRE CB&I.SUBSEA 7 CEO SAYS FIRST CHOICE IS TO ENGAGE WITH MCDERMOTT'S BOARD IN A FRIENDLY MANNER.SUBSEA 7 CEO: "WE REMAIN WILLING AND HOPE TO ENGAGE WITH MCDERMOTT, BUT WE DON'T WANT TO COMMENT ON FURTHER COURSE OF ACTION".SUBSEA 7 CEO SAYS THE PROPOSED DEAL WITH MCDERMOTT WOULD ALLOW SUBSEA 7, AMONG OTHER THINGS, TO GROW IN THE MIDDLE EAST WHERE MCDERMOTT HAS A STRONG POSITION.SUBSEA 7 CEO SAYS IF MCDERMOTT'S BOARD IS NOT ABLE OR WILLING TO ENGAGE WITH SUBSEA 7, THEN MCDERMOTT'S SHAREHOLDERS WILL HAVE TO DECIDE.  Full Article

Mcdermott Board Of Directors Rejects Unsolicited, Non-Binding Proposal From Subsea 7
Monday, 23 Apr 2018 

April 23 (Reuters) - McDermott International Inc ::MCDERMOTT BOARD OF DIRECTORS REJECTS UNSOLICITED, NON-BINDING PROPOSAL FROM SUBSEA 7.MCDERMOTT INTERNATIONAL - BOARD CONCLUDED THAT SUBSEA 7 PROPOSAL WAS NOT IN BEST INTERESTS OF CO AS IT "SIGNIFICANTLY UNDERVALUED MCDERMOTT".MCDERMOTT INTERNATIONAL - BOARD REAFFIRMED ITS RECOMMENDATION THAT MCDERMOTT STOCKHOLDERS SUPPORT TRANSACTION WITH CB&I.MCDERMOTT INTERNATIONAL - COMBINATION WITH CB&I EXPECTED TO CLOSE IN MAY 2018.MCDERMOTT INTERNATIONAL SAYS BOARD ALSO CONCLUDED SUBSEA 7 PROPOSAL WAS "NOT AN ATTRACTIVE ALTERNATIVE TO PROPOSED COMBINATION WITH CB&I".  Full Article

Subsea 7 offers to buy McDermott
Monday, 23 Apr 2018 

April 23 (Reuters) - Subsea 7 Sa ::SUBSEA 7 CONFIRMS USD 7.00 PER SHARE PROPOSAL TO ACQUIRE MCDERMOTT.PROPOSAL REPRESENTS A PREMIUM OF 16% TO LATEST CLOSING SHARE PRICE OF MCDERMOTT ON APRIL 20.SUBSEA 7 PROPOSED TO ACQUIRE MCDERMOTT COMMON STOCK FOR USD 7.00 PER SHARE, PAYABLE ENTIRELY IN CASH OR UP TO 50% IN SUBSEA 7 STOCK AND BALANCE IN CASH.PROPOSAL REPRESENTS A PREMIUM OF 16% TO LATEST CLOSING SHARE PRICE OF MCDERMOTT ON APRIL 20.ON APRIL 20, 2018, BOARD OF DIRECTORS OF MCDERMOTT REJECTED SUBSEA 7'S PROPOSAL.WILL CONSIDER INCREASING ITS PROPOSED PRICE UPON FURTHER ASSESSMENT OF MCDERMOTT'S BUSINESS THROUGH DISCUSSIONS WITH MCDERMOTT MANAGEMENT.ADDITIONALLY, FOR ANY STOCK CONSIDERATION, SUBSEA 7 IS OPEN TO DISCUSSING LISTING OPTIONS FOR SHARES OF COMBINED COMPANY.PROPOSAL IS SUBJECT TO TERMINATION OF MCDERMOTT'S PENDING TRANSACTION WITH CB&I.SUBSEA 7'S LETTER TO MCDERMOTT - WILLING TO BE FLEXIBLE WITH RESPECT TO CONSIDERING A MIX OF CASH AND SUBSEA 7 SHARES.WE SEE SIGNIFICANT MERIT IN SUCH A TRANSACTION FOR ALL SHAREHOLDERS, AND WITH OUR FINANCIAL AND LEGAL ADVISORS CONTINUE TO BE OPEN TO DISCUSSIONS.PROPOSED TRANSACTION WOULD NOT BE SUBJECT TO ANY FINANCING CONDITIONS OR SUBSEA 7 SHAREHOLDER APPROVAL.IT WOULD BE SUBJECT TO REGULATORY AND OTHER CUSTOMARY CLOSING CONDITIONS.  Full Article

Subsea 7 wins "substantial" Statoil contract at Snorre field
Thursday, 21 Dec 2017 

Dec 21 (Reuters) - Subsea 7 Sa ::SUBSEA 7 AWARDED CONTRACT OFFSHORE NORWAY.‍AWARD OF A SUBSTANTIAL CONTRACT BY STATOIL FOR SNORRE EXPANSION PROJECT, LOCATED IN TAMPEN AREA​.‍EPCI (ENGINEERING, PROCUREMENT, CONSTRUCTION AND INSTALLATION) CONTRACT INCLUDES SUBSEA 7'S COST-EFFECTIVE PIPELINE BUNDLE TECHNOLOGY​.‍PROJECT FEATURES THREE PIPELINE BUNDLES: WEST, EAST AND NORTH​.‍PRODUCTION OF PIPELINE BUNDLE SYSTEM WILL TAKE PLACE AT SUBSEA 7'S FABRICATION FACILITIES AT WICK, SCOTLAND​.‍PROJECT MANAGEMENT AND ENGINEERING WILL COMMENCE IMMEDIATELY AT SUBSEA 7'S OFFICES IN STAVANGER, NORWAY AND ABERDEEN, SCOTLAND​.‍OFFSHORE OPERATIONS WILL TAKE PLACE IN 2019 AND 2020​.‍SUBSEA 7 DEFINES A SUBSTANTIAL CONTRACT AS BEING BETWEEN USD 150 MILLION AND USD 300 MILLION​.  Full Article

NORWEGIAN STOCKS-Oslo bourse marks all-time high driven by banks and oil

OSLO, June 11 (Reuters) - * Norwegian shares traded up on Monday * Oslo's benchmark index rose 0.47 pct, or 4.17 points, to 898.04 points and was up by 9.75 pct year-to-date * The broader Oslo All Share Index was up 0.49 percent * Brent crude futures, a trigger for the oil heavy Oslo Bourse, fell $-0.14 to $76.32 a barrel * Among the biggest firms on the Oslo Bourse, Equinor rose 0.65 pct, Telenor rose 0.17 pct and DNB rose 0.65 pct * Turnover at the Oslo Bourse was 1.4 billion Norwegian crowns