Marine contractor Seaway 7 has blamed losses on two offshore wind farms for falling deeper into the red in the second quarter of 2022.
The company recorded an EBITDA loss of $49m in the last three months, compared to an $18m deficit in the year-ago period.
Owner Subsea 7 said this was due to a $34m loss on the Formosa 2 project in Taiwan and a $28m negative outcome on the Hollandse Kust Zuid wind farm in the Netherlands.
However, Seaway 7 said it has made good progress on both in recent months.
To date, 172 of 188 pin piles have been installed at Formosa 2 in line with a “revised schedule”.
While in the North Sea, 95 of 140 foundations have been installed at HKZ in line also with a revised schedule.
Completion if both is expected in August and September respectively.
Revenue was also down to $260m from $315m in the first three months of last year due in part to the “phasing of activity” on the Seagreen project.
Meanwhile, the order intake surged to $49m, up from $17m, thanks to new business for the East Anglia 3 and Seagreen 1a projects in the UK, although the backlog decreased to $800m from £1bn overall.