OSLO (Thomson Financial) - Norwegian oil services group Subsea 7 Inc posted
first quarter operating, pretax and sales that beat market consensus -- boosted
by strong demand from an oil industry scouring for new reserves -- and said the
market outlook was strong.
Subsea7 reported net operating profit of $84.7 million, up from $45.6
million for the same period last year.
Pretax profit was $81.6 million, up from $45.9 million and sales shot up to
$562.1 million compared with $475.9 million previously.
According to TDN Finans, the consensus forecast was for pretax profits of
$62 million and for operating profits of $66 million. Sales were seen at $542
million.
The company's outlook was bullish.
"The market fundamentals for the sector remain strong," it said in a
statement.
"Tendering activity remains at a high level in all regions, with notable
increase in the number of North Sea tenders," it added.
Subsea7 said it saw this high level of tendering continuing throughout 2008.
patrick.mcloughlin@thomsonreuters.com
pm/vs
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