Precise takes a look at what the future holds for the subsea engineering, construction and services company, Subsea 7.
The third quarter of 2014 has been good for this UK based Engineering and Construction company. It posted a profit increase this week of $206 million – a jump of more than $40 million compared to Q3 in 2013. As a result it has adjusted EBITDA for the final quarter of the year to $246 million, up $67 million on the same time last year.
However it also warned that the continued drop in oil prices is creating significant uncertainty in the market, which is having the effect of delaying or postponing contracts. The firm’s Chief Executive Jean Cahuzac says there are “execution plans” in place to overcome this challenge. It is currently focused on fulfilling its existing backlog of work. Subsea 7 carried out work offshore the UK on Western Isles, Montrose, Clair Ridge and Laggan Tormore projects.