SUBCY - Subsea 7 GAAP EPS of -$0.05 revenue of $1.2B

Subsea 7 press release (OTCPK:SUBCY): Q1 GAAP EPS of -$0.05. Revenue of $1.2B (+20.5% Y/Y). •Adjusted EBITDA of $86M. Order intake was $1.2B comprising new awards of $630M and escalations of approximately $530M, resulting in a book-to-bill ratio of 1.0. Backlog at the end of March 2022 was $7.3 billion, of which $3.2 billion is expected to be executed during the remainder of 2022. Outlook for full year 2022: "We continue to expect that revenue will be broadly in line with 2021 and that Adjusted EBITDA and net operating income will be in line with or better than 2021. We are establishing new mechanisms for supply chain pricing to enable contract awards to occur in a volatile environment for raw material prices and we are confident that our strong pipeline of prospects will translate into new orders during the remainder of the year."

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Subsea 7 GAAP EPS of -$0.05, revenue of $1.2B