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Subsea 7 S.A.

Subsea 7 S.A.

SUBC.OL
Subsea 7 S.A.NO flagOslo Stock Exchange
341.40
NOK
+5.80
- -
101.10BMarket Cap
Subsea 7 S.A.
SUBC.OL
(Oslo Stock Exchange)

Recent

price

341.40

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
12.91
- -
18.79
18.91
20.77
14.61
10.95
12.23
12.52
11.99
11.65
16.84
17.59
20.04
22.93
23.96
24.83
Revenue per Share
1.45
- -
2.49
1.05
-1.02
-0.05
1.34
1.4
0.56
-0.27
-3.67
0.11
0.2
0.05
0.68
1.39
1.67
Basic EPS, GAAP
-1.97
- -
-0.59
0.72
1.76
1.24
2.28
0.17
0.55
0.32
0.89
0.4
0.87
0.26
1.95
4.02
4.79
Free Cash Flow per Basic Share
0.23
- -
0.63
0.6
0.59
- -
- -
0.59
0.63
0.18
- -
0.24
0.11
0.38
0.55
1.27
0.65
Dividend per Share
- -
- -
7.63
8.55
8.02
8.08
9.42
10.53
11.05
11.3
7.89
7.76
8.01
8.01
8.13
8.31
8.64
Book Value per Share
-0.03
- -
11.18
11.89
12.75
14
14.97
15.83
15.17
15.14
13.86
14.3
14.48
13.77
13.49
14.12
14.43
Tangible Book Value per Share
184
324
334
333
331
326
326
326
325
305
298
298
292
298
298
296
296
Basic Weighted Avg Shares
2,369
- -
6,274
6,297
6,870
4,758
3,567
3,986
4,074
3,657
3,466
5,010
5,136
5,974
6,837
7,086
7,346
Sales/Revenue/Turnover
15.25
- -
11.1
7
12.52
13.55
16.94
15.57
4.98
2.13
-11.83
1.28
2.89
1.62
5.96
10.37
11.77
Operating Margin (%)
118
- -
328
367
404
394
362
415
420
475
432
444
468
538
622
679
693
Depreciation Expense
265
- -
830
350
-338
-17
436
455
182
-84
-1,093
32
57
15
201
411
493
Net Income, GAAP
32.77
- -
20.73
31.86
- -
120.01
27.47
18.02
23.95
- -
- -
63.85
73.29
87.5
41.17
35
33.19
Effective Tax Rate (%)
11.2
- -
13.24
5.55
-4.92
-0.36
12.22
11.41
4.48
-2.29
-31.53
0.63
1.11
0.26
2.95
5.81
6.71
Profit Margin (%)
213
- -
744
108
-41
252
503
872
696
344
284
457
537
249
40
302
326
Working Capital
435
- -
1,048
641
576
524
- -
258
234
460
353
503
463
1,012
815
587
534
LT Debt
- -
- -
6,333
6,571
5,562
5,346
5,537
5,941
5,722
5,363
4,255
4,488
4,451
4,357
4,295
4,445
4,549
Total Equity
20.68
- -
13.68
3.81
- -
-2.09
7.2
8.13
2.47
- -
- -
0.46
0.76
0.22
4.17
8.54
10.37
Return on Invested Capital (%)
24.36
- -
41.26
10.22
- -
0.04
13.97
13.1
5.51
- -
- -
1.13
2.57
0.85
6.64
13.22
15.89
Return on Capital (%)
55.14
- -
65.17
12.97
-12.29
-0.64
15.3
14
5.19
-2.37
-37.73
1.37
2.46
0.65
8.37
16.86
19.71
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
380
346
342
LT Borrowings
448
402
347
LT Finance Leases
205
185
187
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
296
296
296
Market Capitalization
6,101
5,979
9,171

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
3,289
3,121
3,466
Cash, Cash Equivalents & STI
546
970
1,074
Accounts Receivable, Net
1,056
658
1,147
Inventories
51
52
55
Total Current Liabilities
3,222
2,818
3,139
Payables & Accruals
- -
- -
- -
ST Debt
380
346
342
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
-1.52%
0.92%
3.49%
Free Cash Flow
108.06%
148.21%
104.17%
Net Income, GAAP
-44.32%
243.14%
104.27%
Sales/Revenue/Turnover
5.49%
16.29%
3.65%
Total Cash Common Dividend
- -
81.55%
130.94%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1,395
1,739
1,834
1,869
6,837
2025
1,529
1,756
1,840
1,962
7,086
2026
1,789
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.09
0.2
0.31
0.07
0.68
2025
0.06
0.45
0.38
0.49
1.39
2026
0.34
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
0.27
0.55
2025
- -
- -
- -
0.65
1.27
2026
- -
- -
- -
- -
- -
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Business
Subsea 7 S.A. (SUBC.OL) provides subsea engineering, construction and services to the offshore energy industry worldwide. The company delivers full lifecycle solutions including project management, design, engineering, procurement, fabrication, survey, installation and commissioning of subsea production facilities, tie-backs to platforms or shore; remotely operated vehicles and tooling for exploration, production and life-of-field support; procurement and installation of offshore wind turbine foundations and inner-array cables, heavy lifting and transportation for renewables; inspection, repair, maintenance and remote intervention for subsea infrastructure; engineering and advisory services for oil and gas, renewables and utilities; carbon capture, utilization and storage services; lower carbon oil and gas projects encompassing subsea, conventional, life-of-field and electrification; and emerging energies such as offshore wind and hydrogen. Subsea 7 S.A. operates a modern fleet of over 30 vessels, 165 remotely operated vehicles and fabrication facilities including pipeline spoolbases across more than 30 countries, with key regions spanning the Gulf of Mexico, North Sea, Asia Pacific, Africa, Middle East and South America; the company employs approximately 15,000 people and is registered in Luxembourg with operational headquarters in London. Founded in 1993, Subsea 7 S.A. maintains a backlog exceeding $14 billion as of Q3 2025 and focuses on energy transition through lower-carbon initiatives and renewables growth. In July 2025, Subsea 7 S.A. signed a binding merger agreement with Saipem S.p.A. to form Saipem7, a combined entity with €21 billion in revenue, over €2 billion EBITDA and €43 billion backlog, anticipating €300 million in annual synergies from the third year post-completion expected in H2 2026; the deal structures as Saipem absorbing Subsea 7 with 50-50 shareholder ownership, Subsea 7 shareholders receiving 6.688 Saipem shares per Subsea 7 share plus a €450 million extraordinary dividend prior to closing, and Saipem7 listing on Milan and Oslo exchanges. Recent activities include a December 2025 decommissioning contract offshore UK for pipeline flushing, diver support and seabed clearance; Q3 2025 results showing adjusted EBITDA of $407 million at 22% margin and raised full-year guidance; and ongoing projects with Equinor on Visund, Bay du Nord and Sakarya phases.