The outlook is bullish as the company sees a multi-year upcycle for deepwater projects. EBITDA is guided to reach c. $1.5bn by 2025, against c. $600m in 2021. Subsea EBITDA margin is guided to be 15%, a positive, thanks to higher margin contracts in the backlog and continuing productivity gains. While free cash flows could reach $650-700m by 2025, the short-term priority remains deleveraging, with the reinstatement of the quarterly dividend in H2 23.
