Subsea 7 has warned of “significant headwinds” from the dual impact of the coronavirus and plummet in oil price.
The energy services giant said global measures to tackle the virus “may impact” its ability to execute existing contracts and recognise revenue in 2020 and is therefore withdrawing its guidance for the year.
The firm had a backlog of $5.2bn, including $3.3bn for execution in 2020, by the end of 2019.
Subsea 7 said it has “significant liquidity available to weather these challenges”, with more than $1billion in cash and equivalents as well as undrawn banking facilities.
The company is scheduled to release its first quarter results on April 30.