Subsea 7 S.a. · OSL:SUBC

Subsea 7 — Q1 2025 Earnings Presentation

17 slides from Subsea 7's earnings presentation, Apr 30, 2025

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: First quarter 2025 – strong start to the year
First quarter 2025 – strong start to the year • Adjusted EBITDA of $236 million – margin of 15%, up 380 bps – 46% growth year on year • Strong operational and financial performance in both subsea and offshore wind • On track to meet guidance for the full year • Positive momentum across the Group Sev
Slide 4: Group backlog of $10.8 billion
Group backlog of $10.8 billion Subsea and Conventional Renewables Backlog by year of execution Backlog by year of execution 8.4 8.4 8.7 1.3 2.1 2.0 2.0 2.0 6.2 0.3 0.5 1.3 3.2 2.8 2.9 1.2 1.0 0.8 0.7 2.4 0.2 0.2 0.5 3.5 3.9 3.9 2.5 0.7 0.9 0.9 0.5 Mar '22 Mar '23 Mar '24 Mar '25 Mar '22 Mar '23 Mar
Slide 5: Group revenue and EBITDA
Group revenue and EBITDA 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 337 143 $m 1.0 1.4 201 1.5 Q4 185 171 292 Q4 0.9 1.7 165 1.2 1.5 Q3 Q3 1.2 162 0.8 90 134 Q2 113 236 Q2 0.8 1.0 1.2 1.2 1.4 1.5 (9) 102 107 162 Q1 68 86 Q1 2020 2021 202
Slide 6: Subsea and Conventional
Subsea and Conventional $1.3bn Revenue $1.1bn $1.2bn • Revenue up 6% to $1.3 billion – Marjan 2 neared completion – Good progress on Mero 3&4, Sakarya Phase 2a, Zuluf (CRPO Q1 2023 Q1 2024 Q1 2025 80/81) and Agogo $225m • Adjusted EBITDA $225 million 200 0.25 Adjusted 180 160 $160m – Margin 17.8% EB
Slide 7: Renewables
Renewables Revenue $245m $179m $160m • Revenue up 37% to $245 million – High activity in Taiwan Q1 2023 Q1 2024 Q1 2025 – Early works for East Anglia THREE • Adjusted EBITDA $25 million 30 0.14 – Margin 10.0% Adjusted 25 $25m 0.12 EBITDA 20 0.1 • Net operating loss $5 million 15 10.0% 0.08 0.06 10 $
Slide 8: Cash bridge
Cash bridge $m 900 236 800 700 575 (163) • Net debt 600 (33) 500 (68) 17 459 400 (106) – $632 million including 300 lease liabilities 200 – $232 excluding lease liabilities 100 0 Cash Adjusted Working Tax Investing Financing Other Cash 31 Dec 2024 EBITDA capital 31 Mar 2025 • Net debt / LTM EBITDA 0
Slide 9: Financial guidance
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 $349 m
Slide 10: Spotlight: bp – delivering fast-track integrated projects
Spotlight: bp – delivering fast-track integrated projects • Strong, collaborative relationship with bp, enabled by the SIA – bp alliance • Fast-track, integrated SURF-SPS projects • Current projects with bp: – Raven infills, Egypt – first gas achieved in February 2025 – Cypre, T&T – Phase 1 first ga
Slide 11: 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) Conoco PPF Shell Tie-back projects Equinor Fram Sør (f) Middle East Repsol Polok B29 (i) Wisting (i
Slide 12: Offshore wind prospects
Offshore wind prospects UK and Ireland EnBW/BP Mona Morgan Equinor SEP/DEP Ørsted Hornsea 4 RWE Awel y Môr Rampion 2 Taiwan Norfolk SPR1 East Anglia 1N SRE Formosa 4&6 SSE Berwick Bank EDF HuangYang TotalEnergies West of Orkney Shinfox YouDe Changhua Rest of Europe BP Oceanbeat East/West, Germany En
Slide 13: Confident in the outlook for 2025 and beyond
Confident in the outlook for 2025 and beyond • Strong backlog of $10.8 billion – Over 80% visibility on 2025 revenue guidance – High utilisation of global enablers • On track to meet 2025 guidance • Solid tendering pipeline in subsea and offshore wind • Deepwater subsea provinces continue to offer o
Slide 15: 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 March 2025 CRPO 80/81 (Saudi Arabia) 2022 Barossa (Australia) 2020 Bacalhau (Brazil) 2020 Cypre (Trinidad and Tobago) 2022 Raven Infills Project (Egypt) 2023 Shenand
Slide 16: Fleet – 41 vessels in the active fleet at the end of Q1 2025
Fleet – 41 vessels in the active fleet at the end of Q1 2025 Chartered vessels are denoted with an asterisk. 16 © Subsea7 - 2025 subsea7.com

Subsea 7 — Q1 2025 Earnings Presentation on 6ix

Subsea 7 — Q1 2025 Earnings Presentation

Slide 1: First quarter 2025 results

Slide 2: Forward-looking statements

Slide 3: First quarter 2025 – strong start to the year

Slide 4: Group backlog of $10.8 billion

Slide 5: Group revenue and EBITDA

Slide 6: Subsea and Conventional

Slide 7: Renewables

Slide 8: Cash bridge

Slide 9: Financial guidance

Slide 10: Spotlight: bp – delivering fast-track integrated projects

Slide 11: Subsea prospects

Slide 12: Offshore wind prospects

Slide 13: Confident in the outlook for 2025 and beyond

Slide 14: Appendix

Slide 15: Major projects - percentage of completion

Slide 16: Fleet – 41 vessels in the active fleet at the end of Q1 2025

Slide 17: subsea7.com