Subsea 7 braces for coronavirus impact on market

Due to the general uncertainty in the world and for the industry caused by the coronavirus and the collapse in commodity prices, UK subsea engineering company Subsea 7 is withdrawing its guidance and outlook statements issued in February 2020.

Subsea 7 said on Wednesday that, while the current year’s results are underpinned by a backlog at year-end 2019 of $5.2 billion, including $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.

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