Subsea 7 S.A. Q4 2024 Earnings Conference Call: Key Insights
On February 27, 2025, Subsea 7 S.A. (OTCPK:SUBCY) held its Q4 2024 earnings conference call. The call was led by John Evans, CEO, Mark Foley, CFO, and Stuart Fitzgerald, CEO of Seaway 7. Katherine Tonks, Subsea 7’s Investor Relations, facilitated the call.
Financial Performance
John Evans started the call by highlighting the company’s financial performance. He reported a strong finish to the year, with Q4 revenue coming in at €1.6 billion, up from €1.3 billion in Q3. The CEO attributed this growth to the successful execution of several large projects, including the Troll Phase 3 project in the North Sea and the Johan Sverdrup project offshore Norway.
Operational Updates
Mark Foley then provided an update on the company’s operational performance. He reported that the company had completed 17 major projects in 2024, with a total backlog of €11.3 billion as of year-end. Foley also announced that Subsea 7 had secured several new contracts in the renewable energy sector, including a €500 million contract for the Seawest 1 offshore wind farm in Belgium.
Strategic Initiatives
Stuart Fitzgerald, CEO of Seaway 7, discussed the company’s strategic initiatives. He announced that Seaway 7 had launched a new vessel, the “Viking Neptune,” which is capable of installing the world’s largest wind turbines. Fitzgerald also highlighted the company’s focus on digitalization and automation, which he believes will help Subsea 7 remain competitive in the industry.
Q&A Session
The call concluded with a Q&A session, during which the company addressed questions from analysts, including Kevin Roger of Kepler Cheuvreux, Christopher Mollerlokken of SpareBank 1 Markets, Jørgen Lande of Danske Bank, Victoria McCulloch of RBC Capital Markets, Lukas Daul of Arctic Securities, and Erik Aspen Fossa of Carnegie Investment Bank. The company provided detailed answers to each question, addressing topics such as the outlook for oil and gas markets, the potential impact of renewable energy on the business, and the company’s growth strategies.
Impact on Individuals
The strong financial performance of Subsea 7 is likely to benefit its shareholders, as the company’s stock price has been trending upwards in recent months. Additionally, the company’s focus on renewable energy could create new job opportunities in the offshore wind industry.
Impact on the World
Subsea 7’s successful execution of large-scale oil and gas projects and its entry into the renewable energy sector are significant developments for the energy industry. The company’s focus on digitalization and automation could lead to increased efficiency and cost savings in the industry. Additionally, the growth of the offshore wind sector could help countries reduce their carbon emissions and transition to renewable energy sources.
Conclusion
Subsea 7’s Q4 2024 earnings call provided insight into the company’s strong financial performance, operational updates, and strategic initiatives. The company’s focus on renewable energy, digitalization, and automation is likely to benefit both the company and the industry as a whole. Individuals may benefit from the company’s stock price growth and potential job opportunities in the offshore wind industry. The world could see reduced carbon emissions and increased efficiency in the energy sector as a result of Subsea 7’s developments.
- Subsea 7 reported strong Q4 2024 revenue of €1.6 billion
- John Evans attributed the growth to successful execution of large projects
- Mark Foley reported a total backlog of €11.3 billion
- Stuart Fitzgerald announced new vessel, Viking Neptune
- Subsea 7 secured several renewable energy contracts
- Q&A session addressed questions from analysts
- Impact on individuals: potential stock price growth, job opportunities
- Impact on the world: reduced carbon emissions, increased efficiency in energy sector
