Edition:
United Kingdom

Subsea 7 SA (SUBC.OL)

SUBC.OL on Oslo Stock Exchange

132.05NOK
1:56pm GMT
Change (% chg)

kr1.90 (+1.46%)
Prev Close
kr130.15
Open
kr131.15
Day's High
kr132.75
Day's Low
kr131.05
Volume
746,109
Avg. Vol
1,594,790
52-wk High
kr147.60
52-wk Low
kr105.20

Latest Key Developments (Source: Significant Developments)

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

Subsea 7: Executive Vice President ‍Øyvind Mikaelsen steps down
Monday, 18 Dec 2017 

Dec 18 (Reuters) - Subsea 7 Sa ::‍ØYVIND MIKAELSEN HAS DECIDED TO STEP DOWN FROM HIS ROLE AS EXECUTIVE VICE PRESIDENT COMMERCIAL AND WILL BE LEAVING SUBSEA 7 IN Q2 OF 2018​.‍MR MIKAELSEN WILL BE SUCCEEDED ON 1 JANUARY 2018 BY STUART FITZGERALD WHO WILL BE APPOINTED AS EXECUTIVE VICE PRESIDENT STRATEGY AND COMMERCIAL AND WILL BE A MEMBER OF EXECUTIVE MANAGEMENT TEAM​.  Full Article

BRIEF-Aker Solutions wins orders from Aker BP, value not disclosed
Monday, 18 Dec 2017 

Fixes typo in headline:AKER SOLUTIONS WINS ORDERS FROM AKER BP FOR OFFSHORE NORWAY FIELDS.THE COMPANY WILL DELIVER TWO SUBSEA MANIFOLDS, A CONTROLS SYSTEM AND UMBILICALS FOR SKOGUL, WHICH WILL BE TIED BACK TO THE NORTH SEA ALVHEIM FIELD. IT WILL ALSO PROVIDE UMBILICALS AND DETAILED ENGINEERING OF THE TOPSIDE FOR A NORMALLY UNMANNED INSTALLATION (NUI) FOR VALHALL FLANK WEST, WHICH WILL BE TIED BACK TO THE VALHALL FIELD CENTER.THE SUBSEA WORK WILL BE CARRIED OUT AS PART OF AKER SOLUTIONS' SUBSEA ALLIANCE WITH AKER BP AND SUBSEA 7. THE TOPSIDE ENGINEERING WORK IS BEING UNDERTAKEN AS PART OF A WELLHEAD PLATFORM ALLIANCE WITH AKER BP, KVAERNER AND ABB. THE ALLIANCES HAVE PREVIOUSLY COMPLETED FRONT-END ENGINEERING WORK FOR BOTH FIELDS.THE PARTIES AGREED TO NOT DISCLOSE THE VALUE OF THE ORDERS, WHICH WILL BE BOOKED IN THE FOURTH QUARTER.  Full Article

Subsea 7 wins "sizeable" Aker BP contract award
Friday, 15 Dec 2017 

Dec 15 (Reuters) - Subsea 7 Sa ::SUBSEA 7 AWARDED CONTRACTS OFFSHORE NORWAY.‍AWARD OF TWO CONTRACTS FROM ALLIANCE PARTNER AKER BP IN NORWEGIAN NORTH SEA​.‍CONTRACTS ARE FOR SKOGUL PROJECT AND VALHALL FLANK WEST PROJECT, WHICH COLLECTIVELY ARE EQUIVALENT TO A SIZEABLE AWARD​.‍SUBSEA 7 DEFINES A SIZEABLE CONTRACT AS BEING BETWEEN USD 50 MILLION AND USD 150 MILLION​.‍SKOGUL PROJECT (PREVIOUSLY CALLED STORKLAKKEN) IS LOCATED 220 KM NORTHWEST OF STAVANGER. THIS EPCI PROJECT IS A LONG-DISTANCE TIE-BACK TO ALVHEIM FPSO​.‍VALHALL FLANK WEST EPCI PROJECT COMPRISES A 4 KM TIE-BACK TO VALHALL CENTRE INCLUDING AN UMBILICAL AND RISER SYSTEM​.‍OFFSHORE OPERATIONS WILL COMMENCE IN 2018 WITH COMPLETION IN 2019​.  Full Article

BRIEF-Subsea 7 wins "substantial" Aker BP gas field contract
Monday, 11 Dec 2017 

Repeats to additional readers:SUBSEA 7 AWARDED CONTRACT OFFSHORE NORWAY.‍AWARD OF A SUBSTANTIAL CONTRACT FROM AKER BP ON BEHALF OF SKARV UNIT FOR ÆRFUGL(PREVIOUSLY KNOWN AS SNADD) GAS FIELD DEVELOPMENT​.‍CONTRACT INCLUDES AN OPTION FOR ÆRFUGL PHASE 2 SCOPE, WHICH MAY BE EXERCISED BY AKER BP IN FUTURE.​.‍SUBSEA 7 DEFINES A SUBSTANTIAL CONTRACT AS BEING BETWEEN USD 150 MILLION AND USD 300 MILLION​.‍THIS EPCI CONTRACT IS A LONG-DISTANCE TIE-BACK INVOLVING APPLICATION OF SUBSEA 7'S ELECTRICALLY HEAT TRACED FLOWLINE (EHTF) TECHNOLOGY FOR 21 KM TIE-BACK TO SKARV FPSO​.‍PROJECT MANAGEMENT AND ENGINEERING WILL COMMENCE IMMEDIATELY AT SUBSEA 7'S OFFICES IN STAVANGER, NORWAY​.‍FABRICATION OF EHTF SYSTEM WILL TAKE PLACE AT SUBSEA 7'S SPOOLBASE AT VIGRA, NORWAY AND OFFSHORE OPERATIONS WILL TAKE PLACE IN 2019 AND 2020​.‍THIS IS A CONSIDERABLE EPCI CONTRACT WHICH IS OF SIGNIFICANT IMPORTANCE FOR SUBSEA 7​.  Full Article

Subsea 7 wins "substantial" Aker BP gas field contract
Monday, 11 Dec 2017 

Dec 11 (Reuters) - Subsea 7 Sa ::SUBSEA 7 AWARDED CONTRACT OFFSHORE NORWAY.‍AWARD OF A SUBSTANTIAL CONTRACT FROM AKER BP ON BEHALF OF SKARV UNIT FOR ÆRFUGL(PREVIOUSLY KNOWN AS SNADD) GAS FIELD DEVELOPMENT​.‍CONTRACT INCLUDES AN OPTION FOR ÆRFUGL PHASE 2 SCOPE, WHICH MAY BE EXERCISED BY AKER BP IN FUTURE.​.‍SUBSEA 7 DEFINES A SUBSTANTIAL CONTRACT AS BEING BETWEEN USD 150 MILLION AND USD 300 MILLION​.‍THIS EPCI CONTRACT IS A LONG-DISTANCE TIE-BACK INVOLVING APPLICATION OF SUBSEA 7'S ELECTRICALLY HEAT TRACED FLOWLINE (EHTF) TECHNOLOGY FOR 21 KM TIE-BACK TO SKARV FPSO​.‍PROJECT MANAGEMENT AND ENGINEERING WILL COMMENCE IMMEDIATELY AT SUBSEA 7'S OFFICES IN STAVANGER, NORWAY​.‍FABRICATION OF EHTF SYSTEM WILL TAKE PLACE AT SUBSEA 7'S SPOOLBASE AT VIGRA, NORWAY AND OFFSHORE OPERATIONS WILL TAKE PLACE IN 2019 AND 2020​.‍THIS IS A CONSIDERABLE EPCI CONTRACT WHICH IS OF SIGNIFICANT IMPORTANCE FOR SUBSEA 7​.  Full Article

Subsea 7 may decide in 2018 on potential dividends -CFO
Thursday, 9 Nov 2017 

Nov 9 (Reuters) - Subsea 7 Sa :CFO Ricardo Rosa says board regularly evaluates the options for reuturning cash to shareholders.CFO says intends to file review of cash returns to shareholders towards end of the year.CFO says we will provide more clarity on potential cash returns to shareholders next year.  Full Article

Subsea 7 CFO says near-term margins pressured by competition
Thursday, 9 Nov 2017 

Nov 9 (Reuters) - Subsea 7 Sa :CFO Ricardo Rosa says near-term margins expected to detoriate further due to lower activity and continued competitive pressure on new contract awards.CEO Jean Cahuzac says in terms of new contract awards, we believe the worst of the downturn is behind us.CEO Cahuzac: I can't comment on 2019, it's too early.CFO Rosa: We are seeing significant pricing pressure as we are moving through the top period of this cycle. There is excess capacity in the SURF sector at present.CFO Rosa: We remain confident that there will be growth in the SURF sector thereafter, as indicated by the level of tender we are seeing at present.CFO Rosa: As the excess capacity in the SURF sector is disconsumed we should expect the return of margins to historical levels or better.  Full Article

Subsea 7's Q3 misses forecast, sees significantly lower 2018 margin
Thursday, 9 Nov 2017 

Nov 9 (Reuters) - Subsea 7 Sa :q3 operating revenue $1,063‍​ million (Reuters poll $1,091 million).q3 adjusted ebitda $250‍​ million (Reuters poll $280 million).q3 ebit $‍​149 million (Reuters poll $173 million).Subsea 7 q3 net profit $111‍​ million (Reuters poll $117 million).backlog at end q3 $‍​5.29 billion versus $5.7 billion at end of q2.repeats 2017 guidance, revenue is expected to be higher in 2017 compared to 2016, and adjusted EBITDA percentage margin is expected to be lower compared to the record levels reported in 2016.For 2018, revenue is expected to be broadly in line with the group's forecast for 2017 and adjusted ebitda percentage margin is expected to be significantly lower.There is reason to believe that the number of awards to the market could increase in the first half of 2018‍​.  Full Article

Subsea 7 buys remaining 50 pct of Normand Oceanic AS from Solstad Farstad
Wednesday, 18 Oct 2017 

Oct 18 (Reuters) - Subsea 7 Sa :Subsea 7 agreement to acquire Normand oceanic.‍Acquires remaining 50 pct shareholdings in its equity accounted joint ventures, Normand Oceanic AS and Normand Oceanic Chartering as, from Solstad Farstad ASA<<>> for a nominal cash consideration.Effective from the date of the transaction, the Group will become the sole owner of Normand Oceanic, a flex-lay and heavy construction vessel that is being managed by Solstad Farstad while under long-term charter to a third party​​.‍The group will assume all obligations related to an outstanding loan of approximately $100 million.  Full Article

Photo

Norway's oil industry to boost staffing in coming years - energy minister

OSLO Norwegian oil companies and their suppliers will hire more people in the coming years as the industry recovers from a slump and the price of crude rises, Norway's Minister of Petroleum and Energy Terje Soeviknes told Reuters on Tuesday.