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Subsea 7 sees market improvement

Subsea 7 sees market improvement

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28 July 2017

Jean Cahuzac, Subsea 7 chief executive, said additional renewable project activity, along with significant progress of subsea oil and gas projects, boosted second quarter 2017 revenue to USD1 billion, up six percent year-on-year.

"Assuming the global energy prices sustain current levels and that cost reductions identified by the industry are consistently achieved, there is reason to believe that the number of awards to the market could increase by the first half of 2018," he explained.

Subsea 7 acquired K&S Baltic Offshore's 50 percent shareholding in Seaway Heavy Lifting in March this year, making the latter a wholly owned subsidiary of the Subsea 7 Group.

The consolidated results of Seaway Heavy Lifting as well as the progress of the Beatrice wind farm project, located off the north east coast of Scotland, contributed to the increased activity in renewables and heavy lifting.

The acquisition of Seaway and EMAS Chiyoda Subsea (ECS), which was also completed in the first half of 2017, "made significant progress on our strategy to grow and strengthen our business," added Cahuzac.