SUBSEA 7 - 4Q15 RESULTS

​Subsea 7, one of the world’s leading contractors in seabed-to-surface engineering, construction and services to the offshore energy industry, reported strong 4Q15 results in terms of profitability. While revenue decreased by -27% to $1.0bn (below our $1.1bn estimate), reported EBITDA increased by +4% yoy to $310m (above our $176m estimate). The revenue decline was driven by the Northern Hemisphere and Life of Field divisions (42% of Revenue in 2015) which declined by 50% yoy to $305m, expla...