Subsea 7 Announces Results for First Quarter 2011 (UK)

Subsea 7 S.A. (formerly Acergy S.A.)  announced results for the first quarter 2011 which ended on March 31, 2011. The combination between Acergy S.A. and Subsea 7 Inc. completed on January 7, 2011.

Upon completion, Acergy S.A. was renamed Subsea 7 S.A. As a result of the combination and the change in fiscal year these first quarter results incorporate the four-month period (the “Period”) from December 1, 2010 to March 31, 2011 for Subsea 7 S.A. and the results of Subsea 7 Inc. following the date of combination. Unless otherwise stated the comparative period is the three months ended February 28, 2010 for Acergy S.A.

First Quarter 2011:

– On January 7, 2011 the combination between Acergy S.A. and Subsea 7 Inc. completed.

– Merger integration progressing on track.

– Good operational performance across the enlarged Group’s project portfolio.

– Lower margins due to low project activity in Asia Pacific, short-term margin pressure in the North Sea and lower vessel utilisation.

– Cash generation from operations and continued investment in vessels resulted in cash and cash equivalents of $890 million as at March 31, 2011.

– Strong order intake resulting in backlog as at March 31, 2011 of $6.7 billion.

– Contracts exceeding $1.5 billion announced post quarter end, including the $1 billion Guará Lula NE Project, offshore Brazil.

Jean Cahuzac, Chief Executive Officer, said:

“We see activity levels rising in the coming quarters and the Adjusted EBITDA margin improving over the remainder of the financial year. Merger integration remains on track and I am confident with our progress toward the targeted synergies. I am very pleased with our strong order intake. We remain focused on project execution, which together with our fleet portfolio, engineering and project management capabilities positions us very well to take advantage of the opportunities we see in this improving market.”

More info: Subsea 7

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Source: Subsea 7,May 11, 2011;