Subsea7 reports US$321 million in adjusted EBITDA in Q3 24, up 59% year-over-year

(TN) Subsea7, a global leader in delivering offshore projects and technology for the energy sector, closed the third quarter of 2024 with solid operational and financial performance. Between July and September, the company achieved US$321 million in adjusted EBITDA, up 59% year-over-year, resulting in an adjusted EBITDA margin of 18%, up from 13% in Q3 23. The revenue of US$ 1.8 billion represents a growth of 16% compared to 2023.

“The good results were driven by the strong performance of the business units. In Brazil, the highlight is the progress of the operations of the Mero 3 and Mero 4 projects, in which Seven Vega completed the first voyage to launch rigid pipes. We also recorded high levels of utilization of PLSVs and progress was made on work in Bacalhau, Mero 3&4, Búzios 8, Búzios 9 and Bijupirá-Salema”, highlights John Evans, Global CEO of Subsea7.

The global backlog shows an increase of US$ 11.3 million, of which US$ 1.8 million is expected to be executed by the end of this year, followed by US$ 5.3 million in 2025 and US$ 4.2 million in 2026 and subsequent years. New project intake continued to be favorable, with a mark of US$ 1.3 billion.

For 2025, we estimate revenues to reach between US$ 6.8 and US$ 7.2 million, with an adjusted EBITDA margin between 18 and 20%, surpassing this percentage in 2026. “Through the discussions on low-carbon oil and gas, as well as offshore wind, Subsea7 remains well-positioned to provide the energy the world needs today and tomorrow,” concludes Evans.

Subsea7 in Brazil – In October, Subsea7 announced the delivery of “First Oil” in the first phase of the Mero 3 Project, carried out in partnership with Petrobras. The milestone represents the company’s first Engineering, Procurement, Construction and Installation (EPCI) project with Petrobras in a decade, signaling an important advance for the sector and for national economic development. The FPSO used in the initiative was designed to produce 180,000 barrels of oil and compress up to 12 million cubic meters of gas daily. The achievement reinforces Brazil’s relevance in the global energy scenario and the resumption of strategic collaborations between the two companies.