Wildbilly
10 years ago
Subsea 7 swings to profit, launches share buyback
By
DOMINIC
CHOPPING
Norwegian seabed-to-surface engineering contractor Subsea 7 S.A. (SUBC.OS) said Thursday it swung to a second quarter net profit, maintained full-year guidance and said it is launching a new $200 million share buyback programme.
CEO Jean Cahuzac said "The group has now completed the $200 million share repurchase programme announced in October 2013. In the light of continued strong performance, the strength of the balance sheet and confidence in our business, the Board of Directors has authorised a further share repurchase programme of up to $200 million."
The company posted a second quarter net profit of $270.3 million from a loss of $17.3 million, on revenue of $1.91 billion, up from $1.68 billion in the same period last year.
The backlog at June 30 totaled $11.2 billion, compared to $10.4 billion.
"Tendering activity remains high in many areas where we operate, which suggests a positive medium- and long-term outlook for our business. However, given the continuing uncertainty over the timing of market awards for a number of large SURF projects, as well as for our Conventional business, it is premature to offer guidance beyond the current year."
At 0759 GMT shares traded 6.1% higher at NOK109.30.
http://www.marketwatch.com/story/subsea-7-swings-to-profit-launches-share-buyback-2014-07-31
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Wildbilly
10 years ago
Subsea 7 Nets TWO Petrobas Contracts For $600m+
Subsea 7 Gets Two Contracts Worth Over $600 Million From Petrobas
By Dominic Chopping
Norwegian seabed-to-surface engineering contractor Subsea 7 S.A. (SUBC.OS) Monday announced the award of two contracts with a combined value in excess of $600 million from Petrobras (PBR).
MAIN FACTS:
-The contracts are for operation of the Pipelay Support Vessels (PLSVs) Seven Mar and Seven Condor on a day rate basis for approximately three years, with operations starting toward the end of 2013 for Seven Mar and in 3Q 2014 for Seven Condor.
-Both vessels have operated for Petrobras for several years and are currently under contract with Petrobras.
-The work scope of the contract is similar to that of other PLSVs which Subsea 7 currently operates offshore Brazil, comprising project management, engineering and installation of flowlines, umbilicals and equipment supplied by Petrobras.
-Shares closed Friday at NOK128.60, valuing the company at NOK45.24 billion.
-Write to Dominic Chopping at dominic.chopping@wsj.com; Twitter: @WSJNordics
http://ih.advfn.com/p.php?pid=nmona&article=59675010
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