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Subsea 7 net income sinks, stock rises


Published Oct 21, 2008
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Offshore construction outfit Subsea 7 reported third-quarter net income of $65.7 million on Tuesday, or down 13 percent despite rising revenues from the North Sea and Africa.

The company beat expectations, and its share price rose 10.37 percent on the news.

Company revenue reached $628.6 million in the quarter, up $11 million over the year-ago period on some nine projects and a frame agreement for inspection, maintenance and repair with Shell, ConocoPhillips, Total and BP in the North Sea.

In Africa, a final push in under way to tie the main platform in the first quarter of 2009. Meanwhile, engineering and project management have begun in London for BP’s Block 31 contract.

Tags: Subsea 7



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