Subsea7 Q1 result

Revenue 602.8 MUSD (+7%)

Operating profit 82.0 MUSD (-3%)

Net profit 55.04 MUSD (-)

EPS 0.37 USD (-)

Contract backlog 2907 MUSD (-26%)

OUTLOOK
"The market outlook continues to retain a degree of uncertainty for the medium term as a result of the current economic climate. As indicated previously, national oil companies and major operators are generally expected to maintain their spending levels. Notwithstanding this, the whole industry is taking time to re-assess projects and take advantage of potential cost reductions given the current environment. This is resulting in delays in contract awards and, in respect of some of the smaller players in the North Sea and North America, a cancellation or deferment of projects.The Company continues to focus on its efforts to reduce costs and improve efficiencies in the supply chain in order to remain competitive in the current market."

Balance sheet
Assets
Current $1,020.7 million
Total $2,146.2 million

Liabilities
Current $739.5 million
Total $1,396.8 million

Equity $749.4 million

P/E(TTM) 3.89, P/B 1.4

Report(pdf) and Presentation(pdf)