Subsea7 sees several $1bn-plus projects in Brazil and plenty of capacity to get them done.
In its second-quarter earnings presentation on Thursday, the Oslo-listed offshore player included a map of prospective projects across the globe.
It showed eight in South America, seven of which are Petrobras projects in Brazil.
Six of those seven it values at more than $1.25bn each, with the rest valued between $750m and $1.25bn.
“For us at the moment, we are working our way through, how we fit together in our capability,” chief executive John Evans said.
“For ourselves, we’re in a good dialogue with Petrobras on the timing. Also, we have a supply chain that needs to work behind us.”
Evans added, regarding the bidding on the projects: “We are certainly putting our front foot forward”.
Most of the other regions included on the map were less lucrative.
Europe’s largest project was Chevron’s Aphrodite project in Cyprus, while only Equinor’s Bay du Nord project in Canada fits the $1.25bn or more category in North America.
Africa and Australia had one each in the $750m to $1.25bn range and a Petronas project in Asia topped out at a $500m valuation.
Subsea7’s contract backlog hit $12.5bn thanks to a record $4bn in new deals signed during the quarter.
Headlining the new contracts were two deals of at least $1.25bn each, both in Brazil.
The performance followed a first three months in which the company credited work in warmer countries — Brazil included — in pushing up its bottom line.
For the second quarter, Subsea7 recorded a $63m profit, up from $14m year over year as revenue hit $1.7bn from $1.5bn and expense growth was muted.
