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Subsea 7 (SUBC) investor relations material
Subsea 7 Pareto Securities' 32nd Annual Energy Conference Presentation summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Financial performance and profitability
Achieved 53% EBITDA growth in 2024, reaching a 16% margin, with guidance to expand margins to 18-20% in 2025 and continued expansion expected in 2026.
Consensus projects 26% EBITDA growth in 2025, with adjusted EBITDA expected to exceed $1.5bn.
Net debt to TTM EBITDA stands at 0.6 times as of Q2 2025, with liquidity of $1.2bn.
Backlog, market position, and outlook
Backlog for execution in 2026 totals $5.2bn, with high revenue visibility and selective bidding since 2022.
Large pipeline of tendering prospects, including five major bids in Brazil and strong positioning for UK AR7 offshore wind awards.
Market-leading SURF and offshore wind capabilities, supported by ~3,000 engineers worldwide.
Regional project highlights
Norway portfolio includes Ormen Lange Phase 3 and Northern Lights CCS, with significant activity planned for 2025-2026.
Brazil features a diverse project base, four PLSVs on long-term contract, and five major SURF bids expected in the next 12 months.
Türkiye's Sakarya gas development phases 2 and 3 advance energy independence, with major offshore activities in 2025.
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