Financial Data and Key Metrics Changes - Total company revenue for the quarter was $2.6 billion, with adjusted EBITDA of $531 million, resulting in a margin of 20.1% when excluding foreign exchange impacts [6][14] - Free cash flow generated was $448 million, with total shareholder distributions amounting to $271 million through dividends and share repurchases [7][16] - The company ended the period with a total backlog of $16.8 billion [14] Business Line Data and Key Metrics Changes - In the Subsea segment, revenue was $2.3 billion, reflecting a 5% increase compared to the previous quarter, driven by increased project activity, particularly in Africa, Australia, and the Americas [14][15] - Surface Technologies reported revenue of $328 million, a 3% increase from the second quarter, primarily due to higher activity in the North Sea and Asia Pacific [15] Market Data and Key Metrics Changes - Subsea orders for the quarter totaled $2.4 billion, contributing to a strong commercial performance, particularly in South America [7][8] - The company anticipates a continued shift in capital investment towards offshore projects due to improved project economics and execution certainty [9][12] Company Strategy and Development Direction - The company is focused on reducing cycle times and improving project returns through innovations like Subsea two point zero and the integrated execution model iEPCI [11][12] - The management believes that offshore projects will increasingly attract capital investment, driven by advancements in technology and project execution [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving over $10 billion of Subsea orders in 2025 and maintaining strong activity levels through the end of the decade [8][12] - The company has increased its share repurchase authorization by $2 billion, reflecting confidence in future performance and commitment to shareholder value [13][21] Other Important Information - The company reduced its debt by $258 million during the quarter, ending with $438 million of gross debt [17] - Full-year adjusted EBITDA guidance has been increased to approximately $1.83 billion, excluding foreign exchange impacts [19] Q&A Session Summary Question: Share repurchase authorization and cash return in 2026 - Management confirmed a commitment to return at least 70% of free cash flow to shareholders, maintaining the same level as in 2025 [25][27] Question: Subsea award intake and working capital expectations - Management indicated that there are still more awards to be announced, and the strong inbound order intake reflects the company's differentiated position in the market [32][35] Question: Subsea revenue guidance and backlog conversion - Management expressed confidence in the 2026 revenue guidance, emphasizing strong backlog coverage and the ability to convert backlog into revenue efficiently [40][42] Question: Surface Technologies outlook and margin drivers - Management noted that while the outlook for Surface Technologies is less certain, they are well-positioned with key clients and technology offerings [74][76] Question: Electric subsea infrastructure opportunities - Management highlighted progress in all-electric subsea projects and identified key areas such as carbon capture and storage that will benefit from this technology [78][80]

Eritrea was once one of Africa’s most industrialised parts. Now even the most basic goods, like soap or bottled water, have to be imported https://t.co/01CAq7COF9 ...

China calls for deeper trade and investment ties with South Africa as it pledges to accelerate cooperation in industrialization, agriculture and market access https://t.co/uBlTouPf6v ...

Uh, the title of my talk is Neon River, which is a reference to a metaphor preferred by one of Chicago's most famous writers. Nelson Agren liked to refer to Chicago as a neon wilderness. He once wrote that Chicago was a city that was to live by night after the wilderness had passed.A city that was to roll boulevards down out of pig wallows and to roll its dark river uphill. that was to forge out of steel and blood red neon its own peculiar wilderness. Augren's neon wilderness was home to the enduringly down ...

Core Viewpoint - Gabon has announced plans to stop exporting manganese ore starting in 2029 as part of a national strategy to promote industrialization and reduce reliance on unprocessed resource exports [1] Group 1: Government Strategy - The decision is aimed at building local mineral processing capabilities, creating skilled jobs, and increasing resource added value [1] - Manganese is one of Gabon's most important export resources, alongside oil and timber, and is a major source of fiscal revenue for the country [1] Group 2: Industry Impact - Gabon is currently the world's second-largest producer of manganese [1] - The government plans to invest in local processing facilities over a three-year period to support the industrial transition [1] - A public-private partnership investment fund is also proposed to facilitate this industry transformation [1]