Subsea 7 reported a net operating loss of $76m in the fourth quarter of 2020, compared to a loss of $29m in the same period in 2019.
Fourth quarter revenue of $1bn increased 14% compared to the prior year period, reflecting higher activity in the company’s renewables and in heavy lifting unit, partially offset by reduced activity in its other businesses.
Subsea 7 said it benefitted from progress on the Seagreen project as well as standby revenue relating to vessels in Taiwan.
Tendering in renewables remains active for projects expected to be awarded to the industry in nine to 12 months’ time, including in Asia, Europe and the US, stated the group.
While the market for wind turbine installation work remains competitive, Subsea 7 said it continues to “differentiate itself” through its integrated and EPCI contract offerings, leveraging a “strong track record in the management of large, complex projects across the globe”.