Subsea 7 S.a. · OSL:SUBC
Subsea 7 — Q4 2024 Earnings Presentation
22 slides from Subsea 7's earnings presentation, Feb 27, 2025
Slide 1: Q4 and FY 2024 Earnings
Q4 and FY 2024 Earnings 27 February 2025 1 © Subsea7 - 2025 subsea7.com
Slide 2: Forward-looking statements
Forward-looking statements This document may contain ‘forward-looking statements’ (within the meaning of the safe harbour provisions of the U.S. Private Securities Litigation Reform Act of 1995). These statements relate to our current expectations, beliefs, intentions, assumptions or strategies rega
Slide 3: A strong finish to 2024
A strong finish to 2024 • Fourth quarter Adjusted EBITDA of $315 million, up 29% • Full year Adjusted EBITDA of $1,090 million, up 53% • Driven by revenue growth of 14% and margin expansion of ~390bps • Strong performance in both business units • Backlog $11.2 billion including $5.8 billion for 2025
Slide 4: Order intake at a new high
Order intake at a new high • Q4 order intake $2.3bn Order intake • New awards $1.8bn • Escalations $0.5bn 8.2 7.1 7.4 • Book-to-bill 1.2x 1.2 2.3 6.1 4.4 2.0 3.0 2.1 0.6 • Full year order intake $8.2bn 0.2 0.7 1.4 1.0 4.0 $bn • Up 10% year on year 2.2 Q4 2.0 1.9 2.1 Q3 • New awards $6.7bn 1.9 Q2 1.5
Slide 5: Backlog - $5.8 billion for execution in 2025
Backlog - $5.8 billion for execution in 2025 Subsea and Conventional Renewables Backlog by year of execution Backlog by year of execution 9.0 2.1 8.1 8.5 2.0 0.9 1.7 0.2 0.4 1.8 6.0 2.9 2.6 1.3 0.9 0.8 0.7 2.6 0.2 1.8 0.2 0.8 0.1 4.7 4.8 0.4 1.0 1.0 3.4 3.8 0.9 0.3 Dec '21 Dec '22 Dec '23 Dec '24 De
Slide 6: Group: top line growth and margin expansion
Group: top line growth and margin expansion Revenue Adjusted EBITDA 1,090 6.8 315 6.0 5.1 714 5.0 1.9 1.6 559 1.3 521 245 321 3.5 1.4 1.8 169 1.6 $bn 143 $m 1.0 1.4 337 1.5 201 Q4 185 171 292 Q4 0.9 1.7 165 1.2 1.5 Q3 Q3 1.2 162 0.8 90 134 Q2 113 Q2 0.8 1.0 1.2 1.2 1.4 (9) 102 107 162 Q1 68 86 Q1 20
Slide 7: Subsea and Conventional
Subsea and Conventional Revenue $5.5bn $4.9bn $1.4bn $1.4bn Full year • Revenue up 12% YoY to $5.5 billion • High activity in Brazil, Norway, Australia and Türkiye Q4 2023 Q4 2024 FY 2023 FY 2024 • Adjusted EBITDA margin 16.3% • Continued mix-shift to higher- Adjusted EBITDA margin projects 1000 $21
Slide 8: Renewables
Renewables Revenue $1,232m $398m $955m Full year $218m • Revenue up 29% YoY to $1.2 billion • Continued activity in the UK and Taiwan Q4 2023 Q4 2024 FY 2023 FY 2024 • Full year contribution by Seaway Alfa Lift and Seaway Ventus Adjusted EBITDA • Adjusted EBITDA margin 15.0% $84m 200 0.4 $185m 0.25
Slide 9: Full year cash bridge
Full year cash bridge 2000 1,090 56 1800 (77) 1600 (121) 1400 1200 (414) 1000 800 751 (430) 575 600 (250) (29) 400 200 $m 0 Cash Adjusted Working Tax FX Investing Financing Shareholder Other Cash Dec 2023 EBITDA capital ex returns returns Dec 2024 Operating $931m Investing $(414)m Financing $(680)m
Slide 10: Group financial guidance
Group financial guidance 2024 2025 Revenue $6.8 billion $6.8 - 7.2 billion Administrative expense $297 million $290 – 310 million Adjusted EBITDA margin 16% 18 – 20% D&A $623 million $700 - 720 million Net finance cost $77 million $60 - 65 million Effective tax rate 41% 30 - 35% Capital expenditure
Slide 11: Spotlight – Sakarya Phase 2a Update
Spotlight – Sakarya Phase 2a Update • Subsea7 completed its scope on Phase 1 in 2023 • Subsea Integration Alliance partners • Inspection, repair and maintenance awarded in Q4 • Phase 2a making good progress in 2025 • Approximately one-third complete • Engineering and procurement under way • Vigra sp
Slide 12: Subsea prospects
Subsea prospects Europe North and Central America Aker BP Tie-back projects BP Tie-back projects BP Clair Ridge Expansion (i) Chevron Tie-back projects Chevron Aphrodite (i) Equinor Bay du Nord (i, f) Equinor Fram Sør (f) Shell Tie-back projects Wisting (i, f) Middle East Repsol Polok B29 (i) Northe
Slide 13: Offshore wind prospects
Offshore wind prospects UK and Ireland EnBW/BP Mona Morgan Equinor SEP/DEP RWE Awel y Môr SPR1 East Anglia 1N SSE Seagreen 1A Berwick Bank TotalEnergies West of Orkney Ireland Various prospects Taiwan Various prospects Rest of Europe BP Oceanbeat East/West, Germany EnBW N-12.3, Germany Oceanwinds BC
Slide 14: Positioned to continue delivering
Positioned to continue delivering • Subsea7 well-positioned to benefit from growth in energy demand under a range of transition scenarios • Strong execution and active tendering in both business units • Over 80% visibility on revenue guidance for 2025 • Strong focus on cash conversion and discipline
Slide 15: Our world
Our world 15 © Subsea7 - 2025 subsea7.com
Slide 16: Q&A
Q&A 16 © Subsea7 - 2025 subsea7.com
Slide 17: Appendix
Appendix 17 © Subsea7 - 2025 subsea7.com
Slide 18: 2015 – 2024 costs overview
2015 – 2024 costs overview Direct project costs 6.4 Depreciation and amortisation 5.8 People Vessels and other costs 5.0 5.0 3.6 3.9 3.9 3.3 3.5 3.5 3.4 2.9 3.0 1.5 2.8 2.0 1.6 1.6 1.9 0.6 0.4 1.1 0.5 0.5 0.4 0.4 0.4 0.4 0.5 0.4 1.2 1.4 1.6 1.2 0.9 0.9 1.0 1.0 1.1 0.9 0.7 0.6 0.6 0.5 0.5 0.4 0.4 0.3
Slide 19: Major projects - percentage of completion
Major projects - percentage of completion Projects over $100 million, between 5% and 95% complete, excluding day-rate contracts, at 31 December 2024 Super–major (over $1.25bn) Major ($750m-$1.25bn) Very large ($500- 750m) Large ($300-500m) Substantial ($150-300m) Sizeable ($50-150m) 19 © Subsea7 - 2
Slide 20: Fleet – vessels in the active fleet at the end of 2024
Fleet – 41 vessels in the active fleet at the end of 2024 Chartered vessels are denoted with an asterisk. 20 © Subsea7 - 2025 subsea7.com
Slide 21: Fleet optimisation – owned and IFRS16 chartered vessels
Fleet optimisation – owned and IFRS16 chartered vessels 2023 Additions Additions 2024 Boka Sub C LCV Working on Bacalhau, Brazil Ross Candies LCV Additional Jones Act tonnage Island Performer LCV Working in Gulf of Mexico Energy Sphynx LCV Additional tonnage for the subsea fleet Siem Stingray LCV Wo
Slide 22: subsea7.com
22 © Subsea7 - 2025 subsea7.com