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BREAKING: Subsea 7 says 'no comment' after Baker Hughes reports

Wed 11 Oct 2017 by David Foxwell

BREAKING: Subsea 7 says 'no comment' after Baker Hughes reports
Subsea 7 says it won't comment on stories about talks with Baker Hughes

Subsea vessel owner Subsea 7 has refused to comment after its shares were briefly suspended on 11 October 2017 following reports that Baker Hughes had held talks to discuss acquiring the company.

The company said only that it was aware of press speculation and the subsequent share price movement.

“The company has a policy not to comment on speculation or rumours. As a listed company, Subsea 7 is subject to and complies with disclosure obligations,” it said.

According to The Wall Street Journal the companies met to discuss a possible takeover, but the talks foundered after a price could not be agreed.

In July, when it last commented on its financial situation and the market, Subsea 7 said market conditions were gradually improving, with awards to market expected to increase by H1 2018.

Jean Cahuzac, chief executive officer at the company, said Subsea 7 was making “significant progress” on its strategy to grow and strengthen its business.

Mr Cahuzac said good execution and a continued focus on cost efficiency had driven another quarter of excellent results.

 

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