Seaway 7, the renewables business of Subsea 7, has reported adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of $31m up nearly 12% on the same period in 2022.
Improved execution and selective bidding, along with progress on Dogger Bank A&B (UK) and Changfang Xidao (Taiwan) offshore wind farms, helped drive positive earnings.
Revenue was down 28% in Q3 2023, to $374m due to the phasing of major projects.
The company stated that renewables is delivering improved performance, with high visibility on vessel utilisation to 2026 and selective tendering creating favourable risk and return.
John Evans, Chief Executive Officer of Subsea 7, said: Subsea7 reported solid third quarter results in line with management’s expectations and the Group is on-track to meet guidance for the full year 2023.
“During the quarter, good operational progress was made on key projects in both Subsea and Conventional, and Renewables, including early activity on the backlog of higher-margin contracts.
“As these contracts mature, we are confident that adjusted EBITDA margins will return to a range of 15-20%, reaching towards the upper end of the range for the full year 2025.
“Tendering activity in both subsea and offshore wind remains at high levels, extending our visibility beyond 2025 and supporting our view of a sustained upcycle into the latter part of the decade.”