Seabed-to-surface engineering, construction and services contractor Subsea 7 (OSE: SUBC) reported fourth quarter and full year results. The company serves the offshore energy industry and the expectations were very high. While the profit numbers didn’t quite live up to expectations, outlook has delighted investors.
The company reported revenue of 1.4 billion USD from continuing operations, net income of 107 million and adjusted EBITDA of 227 million. (full-year numbers 5.5, 641 and 1007 for a special thirteen month period).
Earnings per share for 2011 fiscal year of 13 months came in at 1.21$. The Board of Director’s is suggesting a special dividend of 0.60$ citing strong performance, balanced sheet strength and confidence going forward. The Board also authorized a share buyback programme up to 200 million USD.
In 2012 the company expects to deliver revenue and EBITDA in the twelwe months above the 13 month result from 2011. r CAPEX are projected between $750 - $850 million with 450 million committed in vessel programme. All major markets continue to grow with particularly high tendering activity in the North Sea. Current order backlog of 8.5 billion is a record high. The stock has advanced 5% at mid-day trading.
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