Subsea 7 buys back $10 million of 1% convertible bonds due 2017

New York, Sept. 8 – Subsea 7 SA said it bought back $10 million of its 1% convertible bonds due 2017 in the open market on Monday.

The company paid an average price of 91.5, it announced in a news release.

Following the buyback, the company holds $101.8 million, or 14.5%, of the original $700 million of the convertibles, which were issued in 2012.

Subsea 7 is a Luxembourg-based contractor that provides seabed-to-surface engineering, construction and services to the offshore energy industry.

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