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Subsea 7 withdraws 2020 guidance

Published by , Editor
Oilfield Technology,

Subsea 7 has announced that due to the general uncertainty in the world and for the oil and gas industry caused by the coronavirus and the collapse in commodity prices, it is withdrawing the guidance and outlook statements issued on 27 February 2020.

While the current year’s results are underpinned by a backlog at year-end 2019 of US$5.2 billion, including US$3.3 billion for execution in 2020, the dual impacts of the coronavirus and sharply lower commodity prices represent a significant headwind to the pace of the new awards required to meet prior guidance. In addition, it is possible that measures taken around the world to contain the virus may impact the company’s ability to execute existing contracts and recognise revenue in 2020.

The company has significant liquidity available to weather these challenges, with US$398 million cash and equivalents, as well as undrawn banking facilities of $656 million. The company is currently scheduled to update investors with its 1Q20 results and an updated market view on 30 April 2020.

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