Oslo-listed Subsea 7 forecast a dip in revenue next year, saying it would trim capital spending and also consider cutting its fleet as operators continue to cut investments as a reaction to falling oil prices. Subsea 7 said its order backlog dipped in Q3 2014, which also sent its shares down as much as 4.8%. "Consensus 2015 EBITDA (core profit) of US $1.2 Bn remains more than 15% higher than our estimate," brokerage Bernstein said. "We are sceptical that Subsea 7 can win enough work to achieve (that) consensus level. Low order intake will remain Subsea 7's biggest problem," it said, according to Reuters. Operators have already been reducing spending to save on cash and a fall in oil prices to a four-year low of around $81/bbl has led to a new round of cuts.
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