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Solid Q1 for Subsea 7

May 28 - Luxembourg registered offshore engineering company Subsea 7 has released its first quarter 2013 results, for the three-months ending March 31, 2013.

Q1 2013 revenues remained almost static at USD1.467 billion - up only 0.6 percent year-on-year over Q1 2012. Net operating income for Q1 2013 followed in similar fashion, rising only 0.65 percent year-on-year to USD154 million. Net income, however, surged 41.6 percent in the first quarter of 2013 to USD132 million.
 
Subsea 7's order backlog also rose from USD8.69 billion to USD10.2 billion.

Jean Cahuzac, chief executive officer, Subsea 7 remarked: "We have delivered good financial results, broadly in line with our expectations.

"Although we have not seen a direct impact from oil price volatility on our clients' plans and overall tendering activity remains high, in recent months, some large industry projects around the world have been postponed for various reasons.

"Our priorities have not changed. We remain disciplined in our bidding approach with a focus on project risk management and profitability. We continue to improve the capability of our fleet to meet our clients' growing demands, and we maintain a vigilant control of costs."

Subsea 7 has committed resources towards Martin Linge - one of the largest-ever EPIC projects in the North Sea - and on a pipe-in-pipe project in the Aasta Hansteen oil field. Offshore operations on both projects will start in 2014 and 2015 respectively.


www.subsea7.com

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