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Subsea 7 SA (SUBC.OL)

SUBC.OL on Oslo Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Promethean Energy, Subsea 7 Form Strategic Alliance On Deepwater Gulf Of Mexico Projects
Tuesday, 4 Sep 2018 

Sept 4 (Reuters) - Promethean Energy Corporation::PROMETHEAN ENERGY CORPORATION AND SUBSEA 7 FORM STRATEGIC ALLIANCE ON DEEPWATER GULF OF MEXICO PROJECTS.PROMETHEAN ENERGY - MOU WITH SUBSEA 7 ALLOWING ORGANIZATIONS TO COLLABORATE ON FURTHER DEVELOPMENT OF DEEPWATER GULF OF MEXICO OIL AND GAS ASSETS.  Full Article

Subsea 7 wins "substantial" offshore contract
Monday, 20 Aug 2018 

Aug 20 (Reuters) - Subsea 7 SA ::SUBSEA 7 AWARDED SUBSTANTIAL CONTRACT.ANNOUNCED AWARD OF A SUBSTANTIAL OFFSHORE CONVENTIONAL CONTRACT.DEFINES A SUBSTANTIAL CONTRACT AS BEING BETWEEN USD 150 MILLION AND USD 300 MILLION.OFFSHORE EXECUTION IS PLANNED FOR 2019 AND 2020. NO FURTHER DETAILS ARE DISCLOSED AT THIS TIME DUE TO CONTRACTUAL OBLIGATIONS.  Full Article

Subsea 7 doesn't expect offshore activity pickup to impact results by 2020
Thursday, 26 Jul 2018 

July 26 (Reuters) - Subsea 7 SA executives told a call with analysts on Thursday::CFO SAYS DOES NOT EXPECT IMPROVEMENT IN OFFSHORE ACTIVITY TO HAVE IMPACT ON THE COMPANY'S RESULTS BY 2020.CFO: "WE ARE CONFIDENT THAT WE WILL ACHIEVE 2018 REVENUE BROADLY IN LINE WITH THE 2017 REVENUE".CEO SAYS SEES PRESSURE ON MARGINS TO CONTINUE SHORT-TERM.CEO: "WE WILL SEE AN IMPROVEMENT (IN MARGINS) IN THE MEDIUM-TERM WHEN THE OFFSHORE ACTIVITY INCREASES.".SUBSEA 7 SEES OFFSHORE ACTIVITY INCREASING IN WEST AFRICA, BRAZIL, NEW OPPORTUNITIES EMERGING IN THE U.S., TAIWAN.SUBSEA 7 REPORTED ON THURSDAY LOWER-THAN-EXPECTED ADJUSTED EBIDTA FOR THE SECOND-QUARTER nFWN1UM06G.  Full Article

Subsea 7 wins "substantial" Angola oil contract from Total
Thursday, 28 Jun 2018 

June 28 (Reuters) - Subsea 7 SA ::ANNOUNCED AWARD OF A SUBSTANTIAL CONTRACT BY TOTAL <<>> FOR ENGINEERING, PROCUREMENT, INSTALLATION AND COMMISSIONING OF SUBSEA FLOWLINES AND UMBILICALS FOR ZINIA PHASE 2 PROJECT.SUBSEA 7 DEFINES A SUBSTANTIAL CONTRACT AS BEING BETWEEN USD 150 MILLION AND USD 300 MILLION.CONTRACT SCOPE INCLUDES TIE-BACK DEVELOPMENT OF TWO RESERVOIRS TO EXISTING PAZFLOR FPSO IN BLOCK 17.  Full Article

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

UPDATE 1-Equatorial Guinea to crack down on oil services companies over local jobs

CAPE TOWN, Sept 7 Oil and gas services firms Schlumberger, Subsea 7 and FMC face being banned from working in Equatorial Guinea if they do not commit by the end of this month to create more jobs for locals, an oil ministry source said on Friday.