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Subsea 7 nets $1.458 billion revenue
 Oslo and Luxembourg listed Subsea 7 reported a 12.84% rise in revenue to US $1.458 billion for the three months ending in March this year, up from $1.292 bn a year ago.
Subsea 7 said its adjusted earnings margin was up 15.4% from 14.7% a year ago and net operating income was up to $153 m in the first quarter 2012 from $94 million last year.
First quarter net income doubled to $93 million from $45 m last year.
Chief executive Jean Cahuzac was suitably upbeat about the company's figures, saying that the prospects for the offshore industry remain good.
He stated today: “We have delivered a good first quarter in line with our expectations. We have also continued to improve the quality of our backlog. These results confirm the momentum that we see in most of our markets as our clients remain very positive with ambitious investment plans.”
Prospects for both the North Sea and Norwegian Sea sectors remain good, Cahuzac noted, with project tendering at a high level. He said: “Levels of tendering remain very strong with improved pricing for those new projects which will be offshore in 2012 and beyond.”
And he went on: “We expect to see an improving level of activity in 2012 and improved margins year-on-year reflecting the execution of projects awarded in improving market conditions, together with the completion of most of the remaining lower margin projects awarded in 2010.”
In West Africa, Cahuzac predicted that the company see a lower activity level in the second half of this year involving projects awarded during the last 18 months. “We also expect a number of major SURF [subsea umbilical riser and flowline] contracts to come to market award in the months to come. Given the longer duration nature of these EPIC projects, offshore execution is expected to be late 2013 and predominantly 2014.”
In his market outlook for the US Gulf of Mexico, Subsea 7's chief predicted high activity with contract awards due in the market this year which are due for execution in 2013 and 2014, “.... in a market where pricing conditions remains challenging.”
Opportunities remain both in deepwater and for pre-salt developments offshore Brazil, Cahuzac said, with the huge Guara Lula development remaining on track to achieve a revised plan, as the company reported in March.
“In Asia Pacific, we expect further gas-driven SURF contracts offshore Australia to come to market award in 2012, albeit with pricing conditions which remain challenging, with associated offshore activity in late 2013 and beyond,” Cahuzac stated.
And he predicted a lower contribution from Subsea 7's joint ventures after the sale of NKT Flexibles, plus re-scheduling of offshore work by the SapuraAcergy JV, which will be offset he said by “...another strong performance from SHL [Seaway Heavy Lifting].”
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