Strong Revenue and EBITDA Growth
Total company revenue for the period was $2.5 billion, with an adjusted EBITDA of $509 million, reflecting a margin of 20.1% when excluding foreign exchange impacts. This indicates robust financial health and operational efficiency.
Significant Free Cash Flow and Shareholder Returns
The company generated free cash flow of $261 million and distributed $271 million through dividends and share buybacks, highlighting a strong commitment to returning value to shareholders.
Record Inbound Subsea Orders
Subsea orders achieved $2.6 billion, with a diverse set of awards. The company remains confident in exceeding $10 billion of Subsea inbound orders for the year, supported by strong customer relationships and technology leadership.
Technological Innovations and Collaborations
The company announced a new iEPCI collaboration with Vår Energi and developed innovative technologies like hybrid flexible pipe and all-electric systems, showcasing their leadership in technological advancements.
Improved Guidance and Financial Outlook
The company increased its full year guidance for adjusted EBITDA to approximately $1.8 billion, an increase of 30% versus the prior year, supported by a substantial backlog and strong execution.