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Subsea 7 announces Q1 results

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30 April 2020

Subsea 7 has released their results for the first quarter of 2020. Subsea 7's CEO, John Evans, said:

"Subsea 7 had a strong start to 2020, with the announcement of four contract awards in the SURF and Conventional business unit, including a major integrated EPCI award for the Sangomar project in Senegal, and the FEED award for the Bacalhau project in Brazil.

"Our outlook has changed significantly as a result of the impact of the COVID-19 pandemic on demand for energy and the price of oil.

"In the near term, our efforts are now focused on safeguarding the health of the Group's 12,000 workforce while we continue to deliver projects for clients under difficult conditions. We are also implementing longer-term plans to re-shape the business to reflect the changed outlook for the industry."

View the results