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Subsea 7 S.A. Announces Third Quarter 2021 Results Luxembourg - 17 November 2021 - Subsea 7 S.A. ( the Group ) ( Oslo Børs : SUBC , ADR : SUBCY , ISIN : LU0075646355 ) announced today results for the third quarter which ended 30 September 2021 . Third quarter highlights ● Third quarter 2021 revenue up 53 % year - on - year to $ 1.45 billion Adjusted EBITDA of $ 185 million equating to a margin of 12.8 % Cash and cash equivalents of $ 300 million , and net debt including lease liabilities of $ 99 million at quarter end Order intake of $ 1.4 billion , equating to a book - to - bill ratio of 1.0 , resulting in a backlog of $ 6.7 billion Completion on 1 October of the combination with OHT ASA to create Seaway 7 ASA ( Oslo Børs : SEAWY7 ) At 1 October , following the combination , the backlog was $ 6.9 billion of which 19 % in Renewables For the period ( in $ millions , except Adjusted EBITDA margin and per share data ) Revenue Adjusted EBITDA ( a ) Adjusted EBITDA margin ( a ) Net operating income / ( loss ) excluding goodwill impairment charges Goodwill impairment charges Net operating income / ( loss ) Net income / ( loss ) Earnings per share in $ per share Basic Diluted ( b ) At ( in $ millions ) Backlog ( c ) Cash and cash equivalents Borrowings Net cash excluding lease liabilities ( d ) Net debt including lease liabilities ( d ) Third Quarter Q3 2021 Unaudited 1,451 185 13 % 78 78 45 0.15 0.15 Q3 2020 Unaudited subsea 7 947 114 12 % 7 7 ( 43 ) ( 0.14 ) ( 0.14 ) Nine Months Ended 30 Sep 2021 30 Sep 2020 Unaudited Unaudited 3,645 378 10 % 41 41 33 0.12 0.12 30 Sep 2021 Unaudited 6,733 300 ( 191 ) 109 ( 99 ) ( 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 is a non - IFRS measure . ( d ) Net cash is a non - IFRS measure and is defined as cash and cash equivalents less borrowings . 2,452 172 7 % ( 394 ) ( 578 ) ( 972 ) ( 1,002 ) ( 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 . ( 3.33 ) ( 3.33 ) 30 Jun 2021 Unaudited 6,766 390 ( 197 ) 193 ( 39 ) John Evans , Chief Executive Officer , said : Subsea 7 delivered a strong operational and financial performance in the third quarter driven by very high utilisation of the active fleet in both Subsea and Conventional and Renewables , as well as an increased level of engineering and procurement activity relating to recent major awards . Revenue increased 53 % year - on - year due to a significant increase in activity in the Subsea and Conventional and Renewables business units in the UK , Norway , Gulf of Mexico , Brazil and Turkey . After deducting net direct costs related to the Covid - 19 pandemic of $ 9 million , with the benefit of an increased contribution from client settlements , the Adjusted EBITDA margin of 12.8 % was up from 12.0 % in the prior year quarter . Conversion to cash flow was impacted by an adverse movement in working capital which drove a modest increase in net debt to $ 99 million from $ 39 million in the second quarter . We expect working capital requirements to reduce in the fourth quarter . During the third quarter Subsea 7 made progress in the delivery of its two - fold strategy encompassing " subsea field of the future " and " energy transition " . Subsea field of the future - integrated SPS and SURF During the third quarter Subsea Integration Alliance was awarded contracts for the development of the Sakarya gas field , offshore Turkey . As a result of a strong , collaborative early engagement process with the client and reaping the benefits of a truly integrated solution we expect to deliver the development within an industry - leading timeline from discovery to first gas in 2023. As well as drawing on the breadth and depth of expertise within our Global Project Centre , the project will utilise several Subsea 7 vessels and represents a significant contribution to our operational and financial visibility for 2022. The Sakarya project , along with Bacalhau , Brazil's first integrated project , and several smaller awards , confirms the industry - leading position of Subsea Integration Alliance and reaffirms integrated solutions as a cornerstone component of our strategy for the subsea field of the future . 1