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Beskrivning

LandNorge
ListaEuronext Growth Oslo
SektorTjänster
IndustriShipping & Offshore
Seaway 7 är verksamma inom transportbranschen. Bolaget är specialiserade inom hantering och transport av tyngre material. Särskilt affärsfokus återfinns inom den maritima sektorn, där bolaget erbjuder transportlösning för större projekt som sker ute till havs. Störst verksamhet återfinns inom den nordiska marknaden, där kunderna återfinns inom olje- och gassektorn. Bolaget har sitt huvudkontor i Oslo.
2022-11-17 08:00:00
Oslo - 17 November 2022 - Seaway 7 ASA (the Group or Seaway7) (Euronext Growth: 
SEAW7) announces today results for the third quarter 2022 which ended 30
September 2022.

Third quarter highlights
o Third quarter 2022 revenue at $374 million and adjusted EBITDA of $21 million.
o Completion of the Hollandse Kust Zuid foundations installation and the Formosa
2 project.
o Completion of the Seagreen foundation fabrication activities in China with the
final 19 foundation jackets on their way to the UK.
o First monopile foundations installed on the Dogger Bank A&B project.
o Post quarter end, financing completed with $650 million committed funding
provided by shareholders, banks and ultimate parent, Subsea 7 S.A.
o Order intake in the second quarter of $198 million resulting in backlog of
$0.6 billion at third quarter end.
o Satisfactory progress with Seaway Alfa Lift and Seaway Ventus newbuild
vessels.
o Seaway Swan added to the fleet. Seaway7 now operates 14 vessels with 12 active
and 2 under construction.

For the period (in $ Third Quarter Nine Months Ended
millions, except
Adjusted EBITDA margin Q3 2022 Q3 2021 30 Sep 2022 30 Sep 2021
and per share data) Unaudited Unaudited Unaudited Unaudited
---------------------------------------------------------------------

Revenue 374 377 901 934
Adjusted EBITDA(a) 21 19 19 (6)
Adjusted EBITDA margin(a) 6% 5% 2% (1%)
Net operating (loss)/income (3) 5 (48) (47)
Net loss (8) (3) (76) (69)

Earnings per share - in $ per share - restated(b)
Basic (0.02) (0.01) (0.15) (0.19)
Diluted(b) (0.02) (0.01) (0.15) (0.19)
---------------------------------------------------------------------


30 Sep 2022 30 Jun 2022
At (in $ millions) Unaudited Unaudited
---------------------------------------------------------------------

Backlog(c) 598 803
Book-to-bill ratio - year-to-date(c) 0.4 0.3
Cash and cash equivalents 8 11
Borrowings (195) (120)
Net debt excluding lease liabilities(d) (188) (109)
Net debt including lease liabilities(d) (233) (122)
---------------------------------------------------------------------

(a) For explanations and reconciliations of Adjusted EBITDA and Adjusted EBITDA
margin refer to Note 8 'Adjusted EBITDA and Adjusted EBITDA margin' to the
Condensed Consolidated Financial Statements.
(b) The weighted average number of shares utilised in the earnings per share
calculation has been restated for each period presented following the rights
issue undertaken by the Group. For further information and for the explanation
and a reconciliation of diluted earnings per share refer to Note 7 'Earnings per
share' to the Condensed Consolidated Financial Statements.
(c) Backlog is a non-IFRS measure. Book-to-bill ratio represents total order
intake divided by revenue recognised in the year. Comparative figure is for the
year-to-date ended 30 June 2022.
(d) Net debt is a non-IFRS measure and is defined as cash and cash equivalents
less borrowings.

Stuart Fitzgerald, Chief Executive Officer, said:
In the third quarter of 2022, Seaway7 delivered strong revenue of $374 million
and a slightly improved EBITDA of $21 million. The Group completed the
foundations installation of the Hollandse Kust Zuid project in the Netherlands
in early September 2022 as well as the Formosa 2 project in Taiwan in mid-August
2022. Completion of both projects represents two significant milestones in our
delivery for 2022.

Activity levels on the other projects in the portfolio were high in the third
quarter with good progress on projects and offshore operations ongoing in UK and
Europe. Cable lay activities in Taiwan remain challenging due to external
factors hindering the progress of works, primarily from reduced client progress
with foundation installation.

In respect of tenders during the quarter, the Group signed a sizeable contract
for Moray West inner-array cables (UK) which has been recognised in backlog at
quarter end.

Post quarter end, Seaway7 completed its financing arrangements, with committed
funding from its shareholders, banks and ultimate parent, Subsea 7 S.A. thereby
providing Seaway7 will a fully funded business plan. The financing funds the
new build vessel programme of Seaway Alfa Lift and Seaway Ventus from the third
quarter 2022 through to completion and supports the future anticipated working
capital needs of the Group.

Third quarter operational review
The Seagreen project in the UK continued its good progress. Of the 114
foundation jackets, 95 foundation jackets have been delivered in the UK at the
end of the third quarter 2022. Fabrication of the remaining foundation jackets
has been completed in China and the last final transport vessel is currently
offloading in Nigg (UK). Completion of fabrication activities on Seagreen is a
major milestone for the project. The third quarter saw continued good progress
with the installation of foundation jackets and inner array cables. By quarter
end a total of 65 foundation jackets and 43 cables were installed.

The installation of foundations for the Dogger Bank A&B project in the UK has
commenced in July 2022 with a third-party vessel, whilst the Seaway Strashnov
started its mobilisation early September 2022 to continue the offshore
operations in the fourth quarter of 2022. Due to Seaway Alfa Lift's delivery
delay, Seaway Strashnov will be deployed on the project for a full 2023
campaign. The additional cost of the revised execution plan was recognised in
the second quarter as a prior year revision to the fair value exercise of
measuring and recognising the identifiable assets acquired and liabilities
assumed relating to the business combination to form Seaway 7 ASA and has not
affected the Adjusted EBITDA for 2022.

Seaway Strashnov continued its good run in July and August and completed the
foundations on Hollandse Kust Zuid in the Netherlands in line with the revised
schedule. With the completion of the foundations installation on this project,
Seaway7 had successfully installed 113 monopiles on Dynamic positioning (DP), a
first in the industry using this new installation method.

After two seasons of operations in Taiwan, Seaway Yudin completed offshore
operations on the Formosa 2 project in the second half of August 2022.

Seaway Aimery and Seaway Moxie continued working on the Hollandse Kust Zuid
project inner array cables installation in the third quarter. By the end of the
quarter, Seaway7 installed 99 out of the 140 cables. Seaway Phoenix continued
working on the Seagreen project, UK. Maersk Connector experienced delays during
her operational activities for Seaway7's cable lay portfolio in Taiwan which was
caused by external factors.

The heavy transportation vessels maintained high levels of utilisation in the
third quarter despite Seaway Falcon being idle most of the quarter. The
utilisation, in combination with the time charter equivalent rates on the other
vessels, maintained a positive result for the heavy transportation vessels in
the third quarter. The Group entered into a bareboat contract with United
Faith, and has taken delivery of a new build vessel, MV Xin Qun 3, which was
renamed "Seaway Swan". Seaway7 now operates six heavy transportation vessels
with the new vessel further extending the Group's capacity to load larger and
longer cargoes such as XXL monopiles, and modules that would typically need to
be skidded on and off the vessel over the stern. In the third quarter, Seaway
Swan had its first voyage transporting four large Ship-to-Ship cranes from their
pick-up point in Asia to north Africa.

During the third quarter 2022, the utilisation of the active fleet was 90%,
compared to 77% in the second quarter 2022.

For the newbuild foundation installation vessel, Seaway Alfa Lift, the repairs
of the Liebherr crane A-frame continued in the third quarter and are expected to
be complete late 2022, whilst the vessel is expected to sail to Europe in the
first quarter 2023. The mission equipment for the upending and lowering of
monopiles is still the critical path to the vessel's readiness for operations.
Progress continues according to the revised planning communicated to the market
in the second quarter 2022 earnings call update We expect to install the
mission equipment on the vessel during the winter of 2023/2024, with first use
on the Dogger Bank A&B project end of the first quarter 2024.

Seaway Ventus has moved into the next phase of construction with leg-fabrication
and outfitting, the Gusto crane is progressing as planned and most of the
equipment factory acceptance tests have been completed successfully. The vessel
remains on course for delivery mid-2023 from the yard in China with current
first committed project being end of the first quarter 2024.

Third quarter financial review
Third quarter revenue of $374 million was broadly flat year on year driven by
generally high activity across the portfolio. The Adjusted EBITDA margin of 6%
improved by 1% compared to the prior year period. After depreciation and
amortisation of $24 million, the Group recorded a net operating loss of $3
million. Net loss for the quarter was $8 million, after a tax charge of $4
million.

During the quarter, net cash used in operating activities was $40 million,
mainly driven by unfavourable movements in working capital. Capital expenditure
was $33 million and related to milestone payments for Seaway Alfa Lift and
Seaway Ventus. Net cash generated from financing activities of $69 million
included receipt of a $75 million short-term loan from the Group's ultimate
parent undertaking, Subsea 7 S.A., offset by $6 million payment of lease
liabilities. Cash and cash equivalents were $8 million as at Q3 2022.

In the third quarter, the Group recognised new awards of $102 million and
escalations of $96 million, resulting in a year-to-date book-to-bill ratio of
0.4. Backlog at 30 September 2022 was $0.6 billion, of which $166 million is
expected to be executed during the remainder of 2022. Not included in the
aforementioned backlog is preferred contractor positions and contract awards,
which have been formally announced to the market, but remain subject to contract
finalisation and/or client final investment decision.

Outlook
Forecasts for offshore fixed wind activities remain strong for the next decade
with compounded annual growth rates of more than 15% predicted, which is driven
by ever more pressing climate imperatives, and more recently, energy
independence considerations.

Supported by favourable market conditions and challenging financial performance
across a number of segments within the supply chain in recent years, the
industry is now in the process of a move towards a more sustainable risk-reward
balance and improved pricing levels. The Group is actively driving these
commercial and risk profile improvements in its tendering and client engagements
towards future business, and furthermore is able to be more selective on which
projects to pursue to best match our assets and capabilities.

With tender levels remaining high, our confidence on activity levels and demand
for Seaway7 services going forward is strong. Looking forward to 2023 Seaway7
anticipates reduced Revenues compared to 2022, but with a higher absolute and
percentage EBITDA margin. Capex in 2023 is anticipated to be in the range of
$310-330 million. Beyond 2023 Seaway7 expects material growth in EBITDA
delivery from the business, driven by additional fleet capacity with both the
Seaway Alfa Lift and Seaway Ventus operational, as well as work secured under
strong market conditions, with improved contract and commercial terms.

Special Note Regarding Forward-Looking Statements
Forward-Looking Statements: This announcement may contain 'forward-looking
statements'. These statements relate to our current expectations, beliefs,
intentions, assumptions or strategies regarding the future and are subject to
known and unknown risks that could cause actual results, performance or events
to differ materially from those expressed or implied in these statements.
Forward-looking statements may be identified by the use of words such as
'anticipate', 'believe', 'estimate', 'expect', 'future', 'goal', 'intend',
'likely' 'may', 'plan', 'project', 'seek', 'should', 'strategy' 'will', and
similar expressions. The principal risks which could affect future operations
of the Group are described in the 'Risk' section of the Group's Annual Report.
Factors that may cause actual and future results and trends to differ materially
from our forward-looking statements include (but are not limited to): (i) our
ability to deliver fixed price projects in accordance with client expectations
and within the parameters of our bids, and to avoid cost overruns