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Subsea 7 S.A. Announces First Quarter 2021 Results subsea 7 Luxembourg - 29 April 2021 - Subsea 7 S.A. ( the Group ) ( Oslo Børs : SUBC , ADR : SUBCY , ISIN : LU0075646355 ) announced today results for the first quarter which ended 31 March 2021 . First quarter highlights First quarter 2021 revenue up 33 % year - on - year to $ 1.0 billion Adjusted EBITDA up 50 % to $ 102 million after incurring net Covid - 19 costs of approximately $ 9 million Order intake of $ 0.8 billion , equating to a book - to - bill of 0.8 times Backlog of $ 6.0 billion of which 30 % in Renewables , with $ 3.4 billion to be executed in 2021 Net cash generated from operations of $ 71 million in the quarter • Cash and cash equivalents of $ 527 million with net cash at quarter end of $ 74 million For the period ( in $ millions , except Adjusted EBITDA margin and per share data ) Revenue Adjusted EBITDA ( a ) Adjusted EBITDA margin ( a ) Net operating loss Net income / ( loss ) Earnings per share - in $ per share Basic Diluted ( b ) Three Months Ended 31 Mar 2021 31 Mar 2020 Unaudited Unaudited 996 751 102 68 10 % 9 % ( 9 ) ( 49 ) 1 ( 38 ) At ( in $ millions ) Backlog unaudited ( c ) - Cash and cash equivalents Borrowings Net cash excluding lease liabilities ( d ) Net cash including lease liabilities ( d ) 0.01 0.01 31 Mar 2021 Unaudited 6,002 527 ( 0.13 ) ( 0.13 ) 31 Dec 2020 Audited 6,214 512 ( 203 ) ( 209 ) 324 303 74 49 ( a ) For explanations and reconciliations of Adjusted EBITDA and Adjusted EBITDA margin refer to Note 8 ' Adjusted EBITDA and Adjusted EBITDA margin ' to the Condensed Consolidated Financial Statements . ( b ) For the explanation and a reconciliation of diluted earnings per share refer to Note 7 ' Earnings per share ' to the Condensed Consolidated Financial Statements . ( c ) Backlog at 31 March 2021 and 31 December 2020 is unaudited and is a non - IFRS measure . ( d ) Net cash is a non - IFRS measure and is defined as cash and cash equivalents less borrowings . John Evans , Chief Executive Officer , said : In the first quarter of 2021 Subsea 7 delivered solid revenue and EBITDA growth compared with the prior year . Although we experienced a relatively quiet quarter for announced new orders , the Group's backlog remains robust at $ 6.0 billion and tendering activity for oil and gas projects has improved in certain regions of the world , with several contracts expected to be awarded to the industry in the coming months . Our high Renewables backlog adds to our revenue visibility and demonstrates the advantage of a diversified energy services strategy . We look ahead with optimism to a recovery in new order flow in our oil and gas business as well as continued , strong growth in our well - established offshore wind business . Strategy update Subsea 7's two - pronged strategy comprised of ' Subsea Field of the Future ' and ' Energy Transition - Proactive Participation ' made further progress in the quarter with our first carbon capture and storage award , for the Northern Lights project in Norway , as well as the establishment of a joint venture to develop the Salamander floating offshore wind project in Scotland . These form part of a collection of activities focused on emerging energies that underpin our commitment to enabling lower carbon solutions both for Subsea 7 and our clients . First quarter operational review In the first quarter the Subsea and Conventional business unit made good progress on several projects . In the Middle East , Seven Champion was active in Saudi Arabia installing topsides at the 3 PDM project at the Hasbah and Arabiyah fields ( CRPO 27 ) as well as the 28 Jackets project at the Marjan , Zuluf , Safaniya and Ribyan fields ( CRPO 47 , 48 and 49 ) . In Angola , Seven Arctic and Simar Esperança completed the final phase of the Zinia project , while the Sangomar project in Senegal made good progress in the fabrication of pipelines and subsea equipment . In the Gulf of Mexico , Seven Navica and Seven Pegasus were active on the Ichalkil project , while Seven Oceans and Seven Pacific continued offshore activities on the Mad Dog 2 project . Engineering and fabrication activities continued on the Anchor , King's Quay and Jack St Malo projects . In Australia , Subsea 7's scope was completed by Seven Eagle at the West Barracouta field while procurement activity commenced on the Barossa project . The diving support and light construction vessels achieved good utilisation in the North Sea . In the Renewables business unit we continued work on the Seagreen project , with fabrication of the jackets and inner - array cables making further progress . In Taiwan , winter weather resulted in Seaway Yudin remaining on standby for most of the quarter . Seaway Aimery and Seaway Moxie were in transit to Europe ahead of their campaigns in the North Sea . 1