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.