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Subsea 7 SA (SUBCY) CEO John Evans on Q1 2022 Results - Earnings Call Transcript

May 01, 2022 8:19 AM ETSubsea 7 S.A. (SUBCY), ACGYF
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Subsea 7 SA (OTCPK:SUBCY) Q1 2022 Earnings Conference Call April 28, 2022 7:00 AM ET

Company Participants

Katherine Tonks - Head, IR

John Evans - CEO

Mark Foley - CFO

Conference Call Participants

Michael Pickup - Barclays Bank

Christopher Møllerløkken - Sparebank 1 Markets

James Winchester - Bank of America Merrill Lynch

Haakon Amundsen - ABG Sundal Collier

Guillaume Delaby - Societe Generale

James Thompson - JPMorgan Chase & Co.


Good day, and thank you for standing by. Welcome to the Subsea 7 S.A. Q1 2022 Results Conference Call. [Operator Instructions].

I'd now like to hand the conference over to your first speaker today, Katherine Tonks. Please go ahead.

Katherine Tonks

Welcome, everyone. With me on the call today are John Evans, our CEO; and Mark Foley, 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 also included in our press release.

I'll now turn the call over to John.

John Evans

Thank you, and good afternoon, everyone. We will start with a summary of the first quarter of 2022 before passing over to Mark to cover the financial results. Turning to Slide 3. The first quarter unfolded as we had anticipated, and the financial results were in line with our expectations. As we flagged last quarter, both Subsea and Conventional and Renewables were affected by a total of over 250 days of planned maintenance and dry dockings on our fleet. We planned this downtime for the quiet period for offshore activity, and activity will pick up in the second and third quarters.

We continued to

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