Subsea 7 buys back $40 million more 1% convertibles due 2017 at 90.6

By Susanna Moon

Chicago, Feb. 3 – Subsea 7 SA said it bought back $40 million more of its $700 million of 1% convertible bonds due 2017 on Tuesday.

Subsea made the market purchases at an average price of 90.6, according to a company notice.

After the repurchase, the company holds about $229.8 million, or 32.8%, 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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