Subsea 7 ended 2021 with excellent operational and financial performance. Revenue reached US$ 5 billion, representing growth of 45% compared to the previous year. The company’s EBITDA reached US$ 521 million, an increase of 55% compared to 2020. Net income for the year was US$ 36 million. The global order backlog hit the $7.2 billion mark, up 16% from 2020. New order intake was strong with a $6.1 billion mark, up 38% compared to 2020. Brazil was instrumental in winning large contracts for services in deep waters, which reflects the development and maturation of this market in the country. About US$ 700 million of the order backlog is related to long-term contracts for PLSVs (Pipe Laying Support Vessel) in Brazil.
These are the cases of the projects in the Bacalhau and Mero-3 fields, in addition to the winning of new three-year contracts for three PLSV-type vessels in the country. These types of vessels were in high demand in the Brazil and the project’s actions in the Bacalhau field advanced in the pre-salt layer of the Santos Basin. PLSV Seven Waves has started the repair and inspection process in preparation for the start of its new contract with Petrobras. In the energy transition, Seaway 7 ASA was created, a leader in the wind sector; the launch of the new floating wind power business with the Salamander joint venture and the majority stake of Nautilus took place; and the goal to achieve carbon neutrality by 2050 was announced.
According to John Evans, Global CEO of Subsea 7, the company achieved solid operational and financial performance in 2021, supported by an evolving market and enabled by work practices adapted to the challenges imposed by the Covid-19 pandemic. Regarding the company’s subsea and conventional business units, the executive highlighted the increase in activities associated with the early stages of recovery in the oil and gas industry, including a strong increase in bidding activity and greater demand for engineering services. “Over the last year, we’ve made good progress on our strategy. Our focus on the subsea field of the future has played a significant role in the successful outcome of many recent tenders for both subsea and conventional units, including Bacalhau and Mero-3 in Brazil. In 2021, 60% of our won-for-value contracts featured early engagement, 62% included integrated solutions, and 64% leveraged our Carbon Estimator,” he said.
According to the executive, the statistics support “the company’s view that it is working closely with customers, from concept to commissioning, as well as being able to provide optimized subsea solutions while reducing their emissions. ” In the last quarter of 2021, Subsea 7 achieved revenue of US$1.4 billion, 35% higher than in the same period of 2020, reflecting higher activity in both Subsea and Convectional and Renewables. Adjusted EBITDA totaled US$143 million. Net income for the quarter was $4 million and net cash generated from operating activities was $227 million.
For the Vice-President of the Brazil Region, Daniel Hiller the expectations of income generation and jobs in Brazil due to the business growth are very positive. More than 400 new hires are expected by 2022, and has been working to generate sustainable growth: “We are pursuing sustainable growth and reliable execution is a key factor for us. The main objective is to prevent the fluctuations of the market from influencing our business too much, ensuring solidity and inaugurating a new phase of the company in Brazil”, he declared.
Brazil Energy Insight 
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