Subsea 7

Subsea 7 has navigated the pandemic relatively smoothly. Its backlog of work has grown by 20% in the past year to $6.2 billion despite the turbulence of the COVID-19 pandemic, which it attributes to the growing offshore renewables market and a “focus on parts of the oil and gas market with advantaged economics.”

John Evans, Chief Executive Officer, said: “As a result of the efforts and dedication of our employees, we completed 20 projects in the year for 15 clients in 10 countries. Although we incurred net costs of approximately $70 million associated with the Covid-19 pandemic and restructuring charges of $86 million, Subsea 7 generated Adjusted EBITDA of $337 million in 2020, equating to a margin of approximately 10%. Despite the uncertain environment, we experienced no contract cancellations.”