Subsea 7 says continued cost discipline and strong operational performance contributed to adjusted EBITDA (earnings before interest, tax, depreciation and amortization) of USD $268 million, at a margin of 30 percent, in the first quarter of 2017.
The company’s Chief Executive Officer, Jean Cahuzac, said: “Our excellent operational and financial results this quarter reflect consistently strong execution and sustained cost discipline. We continued to deliver best-in-class performance despite the industry-wide downturn. Our adjusted EBITDA margin remained high as a result of cost savings and successful progression on several projects.”
Subsea 7’s CEO said the company has also increased its focus on the growing market for offshore renewable energy installations with the acquisition of the remaining 50 per cent of Seaway Heavy Lifting that it did not already own. This has led to the establishment of a new business unit, renewables and heavy lifting. “We anticipate additional renewable energy project awards to come to market as the economics of offshore windfarms continue to improve,” Cahuzac said.
(Image: Jean Cahuzac, Chief Executive Officer, Subsea 7)