Subsea 7 cuts 2019 revenue outlook, sees rebound in 2020

OSLO, Nov 7 (Reuters) - Subsea 7 cut its 2019 revenue outlook on Thursday but predicted a rebound next year as demand for oilfield services, as well as from renewable energy providers, is set to increase, the Oslo-listed company said.

The company now expects a slight decline in revenue this year from 2018, while it had previously expected it to remain unchanged. It maintained a forecast for a drop in earnings before interest, tax, depreciation and amortisation (EBITDA).

“2019 is expected to represent the low point in the cycle for the group’s profitability. Revenue and adjusted EBITDA are both expected to be higher in 2020, driven by an increase in activity in our key markets,” Subsea 7 said in a statement. (Reporting by Terje Solsvik; Editing by Edmund Blair)