Subsea 7’s renewables business posted a net operating loss of $17m in the first quarter of 2022 compared with a net operating loss of $20m in the same period last year.
The results of the renewables business unit include costs recognised in relation to a project in Taiwan where the economic interest was retained by Subsea 7, though it is being executed by Seaway 7 ASA.
Net Covid-19 costs of $2m were incurred in the quarter.
Revenue for the renewables unit was $266m in Q1 2022 compared with $241m in Q1 2021.
Work continued with the offshore phase of the Seagreen project, UK and the Kaskasi project, Germany.
The company stated that overall group revenue is expected to be broadly in line with 2021 and that adjusted EBITDA and net operating income for the group will be in line with or better than 2021.
Subsea 7 CEO John Evans said: “Tendering activity remains high and we are collaborating with our clients and supply chain partners to navigate the bottlenecks in the global supply chain.
“The risk to our awarded projects is reduced through back-to-back contracts and index-linked mechanisms with our suppliers.
“Overall, we believe the long-term outlook remains positive for both the subsea and offshore wind industries with several large awards to the market expected in the remainder of 2022.”