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Subsea 7 announces Q4 results

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25 February 2021

Subsea 7 S.A. (the Group) announced today results for the fourth quarter and full year which ended 31 December 2020. Unless otherwise stated the comparative period is the full year which ended 31 December 2019.

Fourth Quarter and Full Year 2020 highlights

• Adjusted EBITDA of $165 million in the quarter after incurring net costs of approximately $5 million relating to Covid19, equating to a margin of 16%
• Adjusted EBITDA of $337 million in the full year after incurring net costs of approximately $70 million relating to Covid-19 and $86 million charges relating to restructuring, equating to a margin of 10%
• Net cash generated from operations of $24 million in the quarter and $447 million in the full year
• Cash and cash equivalents of $512 million at year end with net cash of $49 million, including lease liabilities of $254 million
• Resilient backlog of $6.2 billion, up 20% year-on-year, of which 32% in Renewables, with $4.0 billion expected to be executed in 2021
• Special dividend of NOK 2.00 per share to be recommended for shareholder approval at the AGM, marking the Board’s confidence in the financial position and outlook for the Group

View results in full.