Subsea 7 Confirms Executive Management Changes
Offsore services firm Subsea 7 on Thursday announced changes to its executive management team, including the appointment of a new Chief Executive Officer and three Executive Vice Presidents, effective from January 1, 2020.John Evans is now in place as Chief Executive Officer, succeeding Jean Cahuzac who retired at the end of 2019. Evans remains on the Board of the Company as a Non-Executive Director.Bringing to the role more than 30 years’ experience in the global offshore energy services industry, Evans was most recently Chief Operating Office for Subsea 7 from 2005 to 2019.Other changes
Subsea 7 CEO Will Retire at Year End
Offshore services company Subsea 7 announced that Jean Cahuzac will retire from his position as CEO at the end of this year, and will be succeeded from January 1, 2020 by John Evans, who is currently COO.Cahuzac has been in the industry for 41 years and CEO for Subsea 7 since 2008, having previously worked for Transocean and Schlumberger. Following his retirement as CEO, he will continue with Subsea 7 as a Non-Executive Director.Evans has been COO of Subsea 7 since he joined the company in 2005 and has over 30 years’ experience in the offshore energy services industry. He previously worked for
Subsea 7 Raises Revenue Outlook
Subsea 7 posted first-quarter core profits below expectations on Thursday while adding that the offshore oilfield service provider's full-year revenue is no longer expected to decline."We are now guiding for 2019 Group revenue to be broadly in line with 2018," Chief Executive Jean Cahuzac said in a statement, adding that demand for equipment such as subsea umbilicals, risers and flowlines (SURF) was increasing."We continue to experience a gradual volume-led recovery in integrated and stand-alone SURF projects," Cahuzac said.Analysts in a Reuters poll had expected Subsea
Subsea 7 Profit Beats Forecast
; approval, the company will also pay a $1.50 dividend per share, it added."In 2019 we expect continued pressure on our financial performance from the projects awarded at lower prices during the downturn and from a reduction in our offshore wind farm installation activity," Chief Executive Jean Cahuzac said."However, offshore activity levels are improving and the projects we are now tendering and winning give us confidence that the expected market recovery will translate into better performance for Subsea 7 in the future," he added.Subsea 7's shares are down 18 percent year-on-year
Subsea 7 Makes Hostile Bid for McDermott
for offshore investments.It follows a tough period when the oil services industry was hit by a fall in oil prices and spending cuts by major oil companies.Subsea 7 said combining the two companies would make them better equipped to handle large offshore engineering contracts for the oil industry.Jean Cahuzac, chief executive of Subsea 7, said the potential deal could provide growth opportunities in the Middle East where McDermott has a strong position.Subsea 7 has offered McDermott $7 per share, either in cash or up to 50 percent in stock, representing a premium of 16 percent over McDermott's
Subsea 7 Acquires EMAS Chiyoda Subsea Assets
; “In a challenging business environment our differentiated offering and strong capital discipline has enabled us to pursue this opportunity. This targeted investment enables Subsea 7 to accelerate its strategy to provide a market leading service in the Middle East,” said Subsea 7 CEO, Jean Cahuzac. “The addition of people, local presence and client relationships of ECS to our market leading SURF and Conventional capability expands our global presence. As a result of this transaction we have significantly increased our presence in the Middle East, assuming a long-term agreement
Subsea 7 offer for Seaway Heavy Lifting
Limited currently owned by K&S Baltic Offshore (Cyprus) Limited. The terms of the offer are binding on Subsea 7 until 1 July 2017. During this period the Works Council representing the employees of Seaway Heavy Lifting in the Netherlands will be consulted in compliance with Dutch law. Jean Cahuzac, CEO, said: "Subsea 7's strong market position in offshore energy services is complemented by Seaway Heavy Lifting's expertise in three areas of offshore activity: renewables, heavy lifting operations and decommissioning of oil and gas assets. We believe that this acquisition will allow
Subsea Integration Alliance Awarded Deepwater Integrated EPCIC Contract
subsea boosting technology will improve Murphy E&P’s ultimate recovery through a cost-effective, record tieback. The innovative business model of the alliance further contributes to greater certainty of cost and return on investment.” Subsea 7’s Chief Executive Officer, Jean Cahuzac, added, “This contract recognizes our successful alliance model that brings together Subsea 7’s SURF technology and extensive track record in delivery of large-scale complex EPCIC projects, with OneSubsea’s reservoir and subsea production, and processing systems technologies
Aker Solutions, Det norske and Subsea 7 Form Development Alliance
individually as companies but also for the entire industry as we find more effective collaboration methods," said Luis Araujo, chief executive officer of Aker Solutions. "This is an innovative way of collaborating with an operator and another supplier," said Chief Executive Officer Jean Cahuzac of Subsea 7. "Working together as one integrated team across developments will promote greater sharing of knowledge and best practices." The alliance accord comes after Det norske in June announced a four-year framework agreement with Aker Solutions to provide subsea production systems
February 2024
