April 30, 2020 / 6:16 AM / 2 months ago

BRIEF-Subsea 7 Q1 Net Loss Widens To $38 Million

April 30 (Reuters) - Subsea 7 SA:

* Q1 REVENUE $751 MILLION (REFINITIV POLL $860.84 MILLION)

* Q1 ADJUSTED EBITDA $68 MILLION VERSUS $111 MILLION YEAR AGO AS REPORTED ON MAY 2, 2019

* Q1 NET LOSS $38 MILLION VERSUS LOSS $19 MILLION

* ORDER INTAKE TOTALLED $1.5 BILLION, EQUIVALENT TO A BOOK-TO-BILL RATIO OF 2.0, WITH FOUR AWARDS ANNOUNCED IN Q1

* END-Q1 ORDER BACKLOG INCREASED TO $5.6 BILLION AT QUARTER END, WITH $2.7 BILLION EXPECTED TO BE EXECUTED IN REMAINDER OF 2020

* SWIFT AND DECISIVE ACTION HAS BEEN INITIATED TO RE-SIZE BUSINESS TARGETING REMOVAL OF APPROXIMATELY $400 MILLION IN ANNUALISED CASH COSTS BY Q2 2021

* WE ARE UNABLE AT THIS STAGE TO GIVE ANY REVENUE OR EBITDA GUIDANCE FOR 2020

* FINANCIAL COST OF ADDRESSING OPERATIONAL INEFFICIENCIES OF COVID-19 IS YET TO BE DETERMINED, AS DURATION AND EXTENT OF PANDEMIC’S IMPACT ARE UNKNOWN

* WE EXPECT TO ANNOUNCE DETAILS OF OUR COST REDUCTION PROGRAMME AND IT IS ANTICIPATED THAT A RESTRUCTURING CHARGE WILL BE RECOGNISED IN 2020 Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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