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| Name | Symbol | Market | Type |
|---|---|---|---|
| Subsea 7 SA (PK) | USOTC:SUBCY | OTCMarkets | Depository Receipt |
| Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.51 | -2.60% | 19.09 | 19.05 | 19.09 | 19.32 | 19.09 | 19.32 | 1,734 | 15:11:59 |
From Jul 2019 to Jul 2024
Norwegian seabed-to-surface engineering contractor Subsea 7 S.A. (SUBC.OS) said late Wednesday that the project costs for the Guara-Lula NE hydrocarbon project offshore Brazil are expected to increase, leading the company to cut its guidance for the full-year EBITDA.
MAIN FACTS:
-Project costs for the Guara-Lula NE project are expected to increase by between $250 million and $300 million.
-Delays have been experienced during the quarter as a result of on-going problems with the supply chain and adverse weather conditions in the winter season, the company said.
-The project represents 5% of Subsea 7's backlog as of March 31, 2013. The remaining contracts are performing in line with expectations.
-The impact is expected to be reflected in the net operating income for the second quarter in 2013.
-2013 EBITDA is no longer expected to show progress compared to 2012, the company said.
-At 0749 GMT shares were down 14.4% at 105.00 Norwegian kroner ($17.2).
-Write to Johannes Ledel at johannes.ledel@dowjones.com; Twitter @DowJonesNordics
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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