Lower activity in the renewables sector contributed to a fall in Subsea 7 adjusted earnings to $289m in the first half of 2018, from $608m last year.
Net income was down to $56m in the period, from $292m last year, while revenue grew slightly to almost $1.97bn from $1.92bn in the first six months of 2017.
Less work in heavy lifting and the i-Tech Service businesses also contributed to the lower figures, Subsea 7 said.
“The awards of certain large wind farm projects have been delayed, but the outlook for the offshore renewables market is unchanged and remains positive with technology and execution efficiency driving lower project costs,” the company said.
Image: Subsea 7
Subsea 7 earnings slide
By EBS