Marine contractor Subsea 7 Renewables and Heavy Lifting booked a net operating loss of $13m in the final quarter of last year, widening a $3m deficit recorded in the same three months of 2017.
The company blamed the result on lower activity levels as well as “delayed progress” due to “unfavourable weather conditions” on the Borkum West 2.2 project in the German North Sea.
Revenue for the three months was $82m, down from the $181m in the final quarter of 2017.
This was mainly due to a reduced activity at the Beatrice wind farm off Scotland, the company said.
Subsea 7 Renewables and Heavy Lifting has an around $400m backlog of new business, it added.
Subsea 7 meanwhile said its board has approved unspecified actions to “measure, monitor or mitigate” risks from the company’s greater push into renewables.