Subsea7’s renewables business has reported $1m in adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) in the first quarter of 2024 down from $6m in Q1 2023.
The unit also reported a net operating loss of $24m in Q1 2024.
Adjusted EBITDA margin for the renewables business is 0.7% in the quarter, partly due to North Sea seasonality with Subsea7 expecting a returning to margins of greater than 10% for the remainder of the year.
Subsea7 CEO John Evans said: “Tendering activity is high in both the subsea and offshore wind sectors, and we are confident that the group’s differentiated, value accretive solutions and strong, collaborative client relationships position us well to grow the backlog with high-quality contracts at improved margins.”
The company stated that bidding for subsea and offshore wind work remains very active and that it continues to engage early with clients to help them realise their development plans which now extend beyond 2026.