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Subsea 7 SA (SUBCY) CEO John Evans on Q1 2021 Results - Earnings Call Transcript

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Subsea 7 SA (OTCPK:SUBCY) Q1 2021 Earnings Conference Call April 29, 2021 7:00 AM ET

Company Participants

Katherine Tonks - Head, IR

John Evans - CEO

Ricardo Rosa - CFO

Conference Call Participants

Michael Alsford - Citigroup

Frederik Lunde - Carnegie

Amy Wong - UBS

Nikolaos Konstantakis - Exane BNP Paribas

Vlad Sergievskii - Bank of America Merrill Lynch

Mark Wilson - Jefferies


Good day, and thank you for standing by, and welcome to the Subsea 7 S.A. Q1 2021 Results Conference Call. [Operator Instructions]. For your information, this conference is being recorded. Now I would like to hand the conference over to your speaker today, Katherine Tonks. Please go ahead.

Katherine Tonks

Welcome, everybody. With me on the call today are John Evans, our CEO; and Ricardo Rosa, our CFO. The results press release is available to download on our website along with the presentation slides that we'll be referring to during today's call.

May I remind you that this call includes forward-looking statements that reflect our current views and are subject to risks, uncertainties and assumptions. Similar wording is included in our press release.

I'll now turn you over to John.

John Evans

Thank you, Katherine, and good afternoon, everyone. I will start with highlights from the first quarter before passing over to Ricardo to cover the financial results. Turning to Slide 4. Subsea 7 delivered solid revenue and EBITDA growth in the first quarter and made progress on its strategic objectives. Revenues improved 33% year-on-year to $1 billion, driven by both renewables and subsea and conventional, while our EBITDA margin improved slightly to 10%.

At the end of the quarter, our balance sheet remains strong with $527 million of cash and equivalents and net cash of $74 million. We announced 2 exciting projects this quarter. First, our entry to the carbon capture

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