Subsea 7’s renewables division made a net operating loss of $32m (€27m) in the second quarter of 2021, wider than the $26m loss in Q2 2020.
The increased loss reflected continued delays to projects offshore Taiwan, driven by restrictions imposed by the government to control the spread of Covid-19, environmental conditions at the worksite and a number of changes in scope
Overall, the division has reported revenues of $315m, compared to $66m in Q2 2020.
The increase in revenue was due to increased activity, particularly in relation to jacket fabrication and inner-array cable manufacturing on the Seagreen offshore wind farm project, offshore UK.
This month Subsea 7 announced the proposed combination of its Renewables business unit with OHT ASA to form Seaway 7 ASA, a pure-play renewables company focused on the offshore fixed wind industry.
The directors said: “With its combined fleet of ten vessels, and two high specification installation vessels under construction, Seaway 7 ASA will be equipped with the enabling assets, engineering expertise and project management track record required to forge an enhanced growth trajectory as a global leader in the offshore fixed wind market.
“The combination should help accelerate and enhance value creation for Subsea 7 shareholders through a majority ownership of this pure-play entity, listed on the Euronext Growth market in Oslo.
“The transaction reflects Subsea 7’s proactive commitment to energy transition that is focused on delivering the energy the world needs, with sustainability at its heart.
“We look forward to supporting the successful growth of Seaway 7 ASA while continuing to nurture, in-house, our businesses in floating wind, carbon capture and other emerging energies.”