Subsea 7 - a Norwegian energy services group that plans to merge its Italian rival Saipem - announced on Thursday that its core profit increased 53% in the last year, as per its previous guidance.

Subsea 7 announced adjusted earnings before taxes, depreciation, and amortization (EBITDA), of $1.09million for the full-year 2024. This is up from $714million in 2023 and compares to $1 billion-$1.1billion guidance given last November.

Subsea 7 & Saipem Announced on Sunday

a plan

To create a leader in offshore engineering and construction for the petroleum and renewable energy industries.

Kristian Siem said that the combination would increase value for shareholders, customers and other stakeholders in both the current and long-term markets.

Subsea 7’s board of directors proposed to pay shareholders a total dividend of $350,000,000 this year. This is a 40% increase from last year.

Saipem

The cap was agreed upon as part of the merger agreement.

Subsea 7 received $2.3 billion worth of new contracts in 2024. This brings its backlog to $11.2 billion by the end of 2024. It was $10.6 billion as at the end-2023. (Reporting and editing by Terje Solsvik, with Nerijus Adomiaitis)

(source: Reuters)