Core Viewpoint - The proposed merger between Subsea 7 S.A. and Saipem SpA has raised significant concerns among Brazil's major oil operators regarding its potential impact on competition in the deepwater market, with the combined entity projected to have a backlog of €43 billion, annual revenues of around €21 billion, and over €2 billion in core earnings [1] Brazil's Industry Raises Concerns - Brazil's oil industry group IBP, representing major operators like Petrobras, ExxonMobil, and TotalEnergies, has formally warned antitrust regulator Cade that the merger could lead to increased project costs, slower execution, and pressure for exclusive long-term agreements [2] - Cade has requested additional data from the companies involved, indicating that crucial information was missing from initial filings, while Subsea 7 and Saipem have stated their cooperation with regulators [2] Competitive Pressure in SURF and Adjacent Markets - The strongest objections to the merger focus on the subsea umbilicals, risers, and flowlines (SURF) segment, where only a few global players operate, with TotalEnergies arguing that no remedy could fully mitigate the competitive risks posed by the merged entity [3] - The merged group would control eight of the twelve vessels worldwide capable of executing complex deepwater SURF work, raising concerns about market dominance [3][4] Cade's Deliberate Approach - Cade is taking a methodical approach, seeking input from local operators and coordinating with regulators in the U.S., U.K., and Mozambique, with Brazil being a critical battleground for the merger's approval [5] - Subsea 7's CEO has indicated that the merger is still expected to close in the second half of 2026, aligning with Cade's measured pace [5] Conclusion - Major operators like Petrobras, ExxonMobil, and TotalEnergies are warning that the merger could reshape pricing, timelines, and strategic control in the deepwater market, highlighting the need for regulators to balance efficiencies from scale against the preservation of competition [6] - The outcome of Cade's ruling will not only determine the fate of the Subsea 7-Saipem merger but also influence the broader direction of Brazil's offshore industry [6][7]

Core Insights - Subsea 7 S.A. reported strong financial results for Q3 2025, with significant growth in Adjusted EBITDA and a record backlog, indicating robust operational performance and future revenue potential [1][5][6]. Financial Performance - Revenue for Q3 2025 was $1.84 billion, slightly up from $1.83 billion in Q3 2024 [3]. - Adjusted EBITDA reached $407 million, a 27% increase year-on-year, with an Adjusted EBITDA margin of 22%, up from 18% in Q3 2024 [3][5][11]. - Net income for Q3 2025 was $109 million, compared to $98 million in the same period last year [3][11]. - The company’s backlog at the end of September 2025 was $13.9 billion, with a book-to-bill ratio of 2.1 times for the quarter [3][13]. Operational Highlights - The company maintained high vessel utilization rates across various global projects, including significant activities in Norway and Brazil [9][10]. - In the Renewables sector, the company successfully completed the installation of monopiles at Dogger Bank C in the UK, showcasing its operational capabilities despite market challenges [10]. Future Outlook - Full-year 2025 revenue is projected to be between $6.9 billion and $7.1 billion, with Adjusted EBITDA margins expected to range from 20% to 21% [5][14]. - The company anticipates continued positive momentum supported by a strong backlog and active tendering for future projects [8][14].

Core Points - Subsea 7 S.A. has announced a dividend amount of NOK 6.50 per share, with an ex-dividend date set for 29 October 2025 [2] Group 1 - The dividend is declared in Norwegian Krone [2]

Core Viewpoint - Subsea 7 S.A. is set to release its third quarter 2025 results on 20 November 2025, highlighting its ongoing commitment to transparency and communication with the investment community [1][2]. Group 1: Financial Results Announcement - The third quarter 2025 results will be published on 20 November 2025 at 08:00 CET [1]. - A conference call and webcast for investors will take place on the same day at 12:00 UK / 13:00 CET [1]. Group 2: Conference Call Details - Registration for the conference call can be completed via a provided link [2]. - Questions during the conference call can only be submitted through a phone line [2]. Group 3: Company Information - Subsea 7 is listed on the Oslo Børs under the ticker SUBC and is focused on delivering offshore energy transition solutions [2]. - The company is committed to creating sustainable value in the energy sector [2].

Core Points - Subsea 7 S.A. announced an extraordinary general meeting of shareholders scheduled for September 25, 2025, to approve a proposed combination [1] Group 1 - The meeting aims to seek shareholder approval for a strategic combination, indicating potential growth or restructuring plans within the company [1]

Core Points - Subsea 7 S.A. has transferred 522,241 treasury shares to fulfill employee share awards under its Long-term Incentive Plan [1] - After the transfer, the company holds 3,463,823 treasury shares, which is 1.16% of its total issued common shares [1] - The total number of shares in issue remains at 299,600,000, including treasury shares [1] Company Overview - Subsea 7 is a global leader in delivering offshore projects and services for the energy industry, focusing on sustainable value creation [2] - The company is listed on the Oslo Børs under the ticker SUBC [2]

Subsea 7 S.A. has received notification of transactions in its shares by primary insiders. Please see the attachment for details. This information is pursuant to the EU Market Abuse Regulation and subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act. Attachment SUBC 2025 LTIP Trade Notifications ...

Core Insights - Petrobras, Exxon Mobil, and TechnipFMC have petitioned Brazil's antitrust regulator Cade to examine the merger between Subsea7 and Saipem due to concerns over market concentration and competition in the energy sector [1][9] Market Concentration Concerns - The merger between Subsea7 and Saipem is expected to create a new entity, Saipem7, which could lead to excessive concentration in subsea oil and gas services, potentially driving up costs and limiting options for Petrobras [2][3] - Nearly half of the vessels for Petrobras' subsea contracts are already owned by Subsea7 and Saipem, raising concerns about competition and project viability [2] Merger Details - The merger agreement signed in July 2025 will form Saipem7, projected to have revenues of approximately €21 billion and a combined backlog of €43 billion [5] - Shareholders of both companies will hold equal stakes in the new entity, with Subsea7 investors receiving 6.688 new Saipem shares for each Subsea7 share [5] - The merger is anticipated to generate annual synergies of around €300 million, enhancing shareholder value [5] Safeguarding Competition - Petrobras has highlighted the necessity of maintaining market balance and suggested that remedies such as asset sales or structural adjustments may be required if the merger proceeds [6] - These measures aim to ensure that multiple service providers can compete in public tenders, thereby protecting the interests of Petrobras and the broader energy ecosystem in Brazil [6] Commitment to Energy Future - Petrobras emphasizes its commitment to delivering safe and cost-effective energy while supporting regulatory oversight to maintain healthy competition, which is vital for innovation and growth in Brazil's energy sector [8]

Core Points - Subsea 7 S.A. announced the details of its 2022 Long-Term Incentive Plan, which includes the award of 1,500,000 performance shares on 24 September 2025 [1] - The awards are subject to performance conditions as outlined in the Plan [1] - The company is recognized as a global leader in delivering offshore projects and services for the energy industry [3] Performance Shares Summary - John Evans, CEO, awarded 42,000 performance shares, holding a total of 241,742 performance shares [2] - Mark Foley, CFO, awarded 31,500 performance shares, holding a total of 162,293 performance shares [2] - Olivier Blaringhem, EVP – Subsea & Conventional, awarded 25,200 performance shares, holding a total of 148,019 performance shares [2] - Other executives also received performance shares, contributing to a total of performance shares held by the Primary Insiders [2] Company Overview - Subsea 7 is listed on the Oslo Børs under the ticker SUBC and is committed to creating sustainable value in the energy sector [4] - The company aims to be the partner and employer of choice in delivering efficient offshore solutions [3]

Core Insights - The company is focused on the development of transcript-related projects, indicating a commitment to enhancing its offerings in this area [1] Group 1 - The company publishes thousands of quarterly earnings calls each quarter, showcasing its extensive coverage and growth in the transcript market [1] - There is an ongoing effort to expand coverage, suggesting a strategic initiative to capture more market share and improve service offerings [1]