Subsea 7 S.A. announced results for the third quarter 2011 which ended on September 30, 2011.
The combination between Acergy S.A. and Subsea 7 Inc. was 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, the results for the first three quarters of 2011 incorporate the ten-month period from December 1, 2010 to September 30, 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 and nine months ended August 31, 2010 for Acergy S.A.
Jean Cahuzac, Chief Executive Officer, said:
“ We have delivered a good quarter in line with our expectations. These results reflect high offshore activity in West Africa on large projects, good vessel utilisation in the North Sea and a strong contribution from our Joint Ventures. Nevertheless, the higher activity levels in the North Sea are, as expected, still impacted by margin pressure on contracts awarded in 2010. Operational delays on projects in the North Sea have also impacted these results. For fiscal year 2011, we expect to deliver an Adjusted EBITDA in line with expectations.
Despite recent macroeconomic turmoil we continue to see good order book momentum and our backlog remains strong and diverse. I am very pleased with the progress we are making integrating the Group and remain confident with our ability to meet our objectives.”
More info : Subsea 7
[mappress] Source: Subsea 7, November 02, 2011