Q2 2021 Subsea 7 SA Earnings Call Transcript
Welcome, everyone. With me on the call today are John Evans, our CEO; and Ricardo Rosa, our CFO. The result's press release is available to download on our website, along with the presentation slides that we'll be referring to during today's call.
May I remind you that this call includes forward-looking statements that reflect our current views and are subject to risks, uncertainties and assumptions. Similar wording is also included in our press release.
I'll now turn the call over to John.
Thank you, and good afternoon, everyone. I will start with highlights from the second quarter before passing over to Ricardo to cover the financial results.
Turning to Slide 3, revenues improved 59% year-on-year to $1.2 billion, driven by both renewables and Subsea and Conventional, but our underlying adjusted EBITDA margins fell to 7.5%. Nevertheless, at the end of the quarter and after paying dividends of $72 million, our balance sheet remains strong with $390 million of cash and equivalents, and net debt of $39
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