Subsea7’s renewables business unit saw its adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rise to $185m in 2024, up from $103m in the previous year.
This resulted in a margin of 15.0%, up from 10.7%.
The improved result was driven by a strong focus on execution and greater selectivity in project bidding to ensure a favourable balance of risk and reward, the company said.
Revenue increased by 29% to $1.2bn in 2024, while net operating income was $53m, up from a prior year loss of $74m.
The renewables business unit primarily comprises the activities of offshore wind subsidiary Seaway7.
During the year, Seaway Strashnov and Seaway Alfa Lift were active in the UK on Dogger Bank A and B and Moray West, while in Germany, Seaway Ventus completed its inaugural turbine installation scopes at Gode Wind 3 and Borkum Riffgrund 3.
The company’s cable-lay vessels, Seaway Aimery, Seaway Phoenix and (on charter) Maersk Connector, were active in Taiwan and the US on the Yunlin, Zhong Neng, Hai Long and Revolution projects.
In 2024, notable new awards included the Baltica 2 substation scope in Poland, East Anglia Two and Hornsea 3 cable-lay projects in the UK and an incremental scope at Dogger Bank for turbine installation.
Chief executive John Evans said: “Revenue in Renewables increased 29% year-on-year to $1.2bn due to high utilisation of our vessels in the UK, Germany and Taiwan.
“Our adjusted EBITDA margin reached 15% as a result of the decisive action taken to improve the selectivity of our bids, as well as strong project execution.
“Tendering activity remained at high levels in 2024, with order intake of $8.2bn, equivalent to a book-to-bill of 1.2 times, including major awards in Brazil, the US, Turkey, and in the UK in offshore wind.
“Tendering activity remains strong and our teams in subsea and offshore wind are actively bidding for projects worth around $28bn, supporting our confidence in the outlook for both business units.”