Subsea 7 S.A. is a prominent provider of extensive offshore project solutions and specialized services for the evolving global energy industry. The ...
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Est. EPS $0.74 · Revenue $2.03B · 1 analysts
Est. EPS $0.64 · Revenue $2.03B · 1 analysts
Est. EPS $2.50 · Revenue $7.68B · 1 analysts
Est. EPS $0.53 · Revenue $1.78B · 1 analysts
EPS $0.85 · Revenue $1.93B
EPS $0.34 · Revenue $1.79B
EPS $1.39 · Revenue $7.11B
EPS $0.38 · Revenue $1.84B
EPS $0.45 · Revenue $1.76B
EPS $0.06 · Revenue $1.53B
| Metric | Latest | YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength. | QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes. |
|---|---|---|---|
| RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three). | $7.1B | +4.0% | +7.7% |
| Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day. | $412.7M | +104.9% | +152.1% |
| Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials. | +15.0% | +45.1% | +28.4% |
| Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on). | +10.7% | +64.9% | +40.6% |
| Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales. | +5.8% | +97.1% | +134.1% |
| Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock. | $1.2B | +104.4% | +134.8% |
| FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine. | +16.8% | +96.6% | +118.0% |
| Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe. | 21.2% | -23.5% | +1.6% |
| Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking. | 1.11x | +8.9% | -5.6% |
| Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground. | $8.0B | +4.6% | -2.3% |
| Metric | Annual (A vs E) | Annual Surprise | Quarter (A vs E) | Quarter Surprise |
|---|---|---|---|---|
| EPS Surprise | 1.39 vs 1.51 | -8.2% | 0.85 vs 0.74 | +14.4% |
| Revenue Surprise | $7.1B vs $7.1B | +0.4% | $1.9B vs $2.0B | -5.0% |
Operator: Good day, and thank you for standing by. Welcome to the Subsea 7 Q3 2025 Results Conference Call. [Operator Instructions]. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Katherine Tonks. Please go ahead. Katherine Tonks: Welcome, everyone. Thank you for joining us. With me on the call today are John Evans, our CEO; Mark Foley, our CFO; and Stuart Fitzgerald, CEO of Seaway 7. The results press release is available to download on our website, along with the slides that we'll be using during today's call. Please note that some of the information discussed on the call today will include forward-looking statements that reflect our current views. These statements involve risks and uncertainties that may cause actual results or trends to differ materially from our forecast. For more information, please refer to the risk factors discussed in our annual report or in today's quarterly press release. I'll now turn it over to John. John Evans: Thank you, Katherine, and good afternoon, everyone. I will start with a summary of the quarter before passing over to Mark for more details of the financial results. Turning to Slide 3. Subsea 7 delivered third quarter adjusted EBITDA of $407 million, representing 27% growth year-on-year, and a margin of 22%. The increase in our profitability reflects strong project execution as well as the continued high-grading of our backlog. As Mark will discuss, we now expect to exceed our prior guidance for 2025 and to deliver continued momentum into 2026. Order intake was high in the quarter, at $3.8 billion, resulting in a book-to-bill of 2.1x for the quarter and 1.4x for the first 9 months of the year. Our backlog reached a record high, close to $14 billion. Slide 4 shows the backlogs of both Subsea and Conventional and Renewables, which continue to increase in quality as we completed work won before 2022 and shift our focus to contracts with more favorable terms. We have a combined backlog for execution in 2026 of $6 billion, giving us over 80% visibility on next year's revenue. And now I'll pass over to Mark to run through the financial results. Mark Foley: Thank you, John, and good afternoon, everyone. I'll provide selective commentary on group, Subsea and Conventional and Renewables' financial performance in the third quarter before turning to the cash flow and financial guidance for 2025 and 2026. Slide 5 summarizes the group's revenue and adjusted EBITDA results for the third quarter, set in the context of recent quarterly performance. In the third quarter, revenue was $1.8 billion, in line with the high levels reported in the same quarter of the prior year. Adjusted EBITDA of $407 million, increased by 27% compared with the prior year period. And margin expanded by 460 basis points, to 22%. Net income was $109 million following depreciation and amortization of $175 million, net foreign exchange losses of $38 million, which were …
| Name | Title | Compensation | Gender | Year Born | Status |
|---|---|---|---|---|---|
John Evans | CEO & Executive Director | USD 1,676,300 | Male | 1963 | Active |
Stuart Fitzgerald | Chief Executive Officer | USD 1,676,300 | Male | 1969 | Active |
Mark Foley | Chief Financial Officer | USD 998,400 | Male | 1973 | Active |
Katherine Lyne | Executive Vice President of Human Resources | — | Female | 1969 | Active |
Julie Taylor | Head of Group Communications | — | — | — | Active |
Katherine Tonks | Head of Investor Relations & Investor Relations Director | — | Female | — | Active |
Nathalie Louys | General Counsel & Company Secretary | — | Female | 1963 | Active |
Philippe Gleize | MD of Seaway 7 Integrated Projects & Floating Wind Business Unit | — | — | — | Active |
Marcelo Xavier | Executive Vice President of Strategy & Sustainability | — | Male | 1980 | Active |
Olivier Blaringhem | Executive Vice President of Subsea & Conventional | — | Male | 1970 | Active |
Phillip Simons | Executive Vice President of Projects & Operations | — | Male | 1966 | Active |
Italian energy contractor Saipem's merger with Norwegian peer Subsea 7 may lead to price hikes and less innovation, EU antitrust regulators warned on Wednesday as they opened a full-scale investigation.
Turkey's competition authority has approved the merger between Italian energy contractor Saipem and its Norwegian rival Subsea7 , an update published on the authority's website showed.
EU antitrust regulators are set to open a full-scale investigation into Saipem's merger with Norwegian peer Subsea 7 because of competition concerns, people with direct knowledge of the matter said.
An Australian watchdog said on Friday the proposed merger between energy contractors Subsea7 and Saipem will proceed to a Phase 2 review, citing concerns that a deal could trim competition in domestic offshore oil and gas projects.
SAPMF advances its SUBCY merger with Brazil's approval while selling its Saudi shallow-water drilling business for $285 million to sharpen its offshore focus.
