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Subsea 7 S.A. Announces Second Quarter and Half Year 2021 Results Luxembourg - 28 July 2021 - Subsea 7 S.A. ( the Group ) ( Oslo Børs : SUBC , ADR : SUBCY , ISIN : LU0075646355 ) announced today results for the second quarter and first half of 2021 which ended 30 June 2021 . Second quarter highlights ● Second quarter 2021 revenue up 59 % year - on - year to $ 1.2 billion Adjusted EBITDA of $ 90 million equating to a margin of 7.5 % For the period ( in $ millions , except Adjusted EBITDA margin and per share data ) Revenue Order intake of $ 1.9 billion , equating to a book - to - bill of 1.6 times Backlog of $ 6.8 billion of which 22 % in Renewables , with $ 2.7 billion to be executed in 2021 and $ 2.4 billion in 2022 Cash and cash equivalents of $ 390 million , after payment of the previously announced dividend of $ 72 million Net debt including lease liabilities of $ 39 million at quarter end Adjusted EBITDA ( a ) Adjusted EBITDA margin ( a ) Net operating loss excluding goodwill impairment charges Goodwill impairment charges Net operating loss Net loss Earnings per share in $ per share Basic Diluted ( b ) At ( in $ millions ) Backlog -unaudited ( c ) Cash and cash equivalents Borrowings Net cash excluding lease liabilities ( d ) Net ( debt ) / cash including lease liabilities ( d ) Second Quarter Q2 2021 Unaudited 1 1,198 90 8 % ( 28 ) ( 28 ) ( 13 ) ( 0.04 ) ( 0.04 ) Q2 2020 Unaudited subsea 7 754 Subject to the customary approvals , conditions and relevant employee consultations ( 9 ) ( 1 % ) ( 352 ) ( 578 ) ( 930 ) ( 922 ) ( 3.06 ) ( 3.06 ) Half Year 1H 2021 Unaudited 2,194 193 9 % ( 37 ) ( 37 ) ( 12 ) ( 0.03 ) ( 0.03 ) 30 Jun 2021 Unaudited 6,766 390 ( 197 ) 193 ( 39 ) ( 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 30 June 2021 and 31 March 2021 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 . ( 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 . 1H 2020 Unaudited 1,505 59 4 % ( 401 ) ( 578 ) ( 979 ) ( 959 ) ( 3.19 ) ( 3.19 ) 31 Mar 2021 Unaudited 6,002 527 ( 203 ) 324 74 John Evans , Chief Executive Officer , said : Subsea 7's onshore and offshore teams continued to work hard in the second quarter to deliver clients ' projects in spite of the challenges associated with the Covid - 19 pandemic . Revenue increased 59 % year - on - year due to increased activity in both the Subsea and Conventional and Renewables business units . Adjusted EBITDA margin of 7.5 % was adversely impacted by continued delays and Covid - 19 affecting renewables projects in Taiwan , as well as low margins in Subsea and Conventional . The latter reflects the level of activity in the Middle East and the execution of SURF contracts won during a competitive pricing environment in 2019 and 2020 . We expect an increase in profitability in the second half of the year with improved margins in both business units . The long term outlook continues to strengthen with higher tendering activity in both Subsea and Conventional and Renewables . Increased worldwide demand for certain pipelay vessels from late 2023 is supporting positive momentum in the pricing environment for new subsea awards . We also have increased confidence in the forecast step - up in offshore wind farm activity as bidding for several projects is underway . Unlocking value in offshore wind This month Subsea 7 announced the proposed combination of its Renewables business unit with OHT ASA to form Seaway 7 ASA , a pure - play renewables company focused on the offshore fixed wind industry . With its combined fleet of ten vessels , and two high specification installation vessels under construction , Seaway 7 ASA will be equipped with the enabling assets , engineering expertise and project management track record required to forge an enhanced growth trajectory as a global leader in the offshore fixed wind market . The combination should help accelerate and enhance value creation for Subsea 7 shareholders through a majority ownership of this pure - play entity , listed on the Euronext Growth market in Oslo . 1