Engineering giant Subsea 7 has reported better than expected second-quarter results as the firm is looking to buy back more of its own shares.
The planned buyback of $200million Subsea 7 shares would follow a recent $200million share repurchase by the company, announced in October last year.
The company posted a second quarter net profit of $270.3million from a loss of $17.3million, on revenue of $1.91billion, up from $1.68billion in the same period last year.
The firm’s adjusted EBITDA rose to $452million from $139million in 2013, well ahead of expectations for $372million.
“The second quarter was another strong quarter for the group, both operationally and financially,” said Jean Cahuzac, Subsea 7 chief executive.
“Tendering activity remains high in many areas where we operate, which suggests a positive medium- and long-term outlook for our business.
“However, given the continuing uncertainty over the timing of market awards for a number of large SURF (subsea umbillicals, risers and flowlines) projects, as well as for our conventional business, it is premature to offer guidance beyond the current year.”
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