Offshore contractor Subsea 7 reported revenue of $173m in its renewables and heavy lifting division in the first three months of 2018, 21% down on the $220m posted in the same period last year.
The division made an operating loss of $4.4m, which was in line with the $4.0m deficit in 2017.
The company said the loss resulted from low vessel utilisation due to weather conditions in the North Sea, which reflected the seasonality of operations.
Overall revenue at the company was down to $809m between 1 January and 31 March, from $897m in 2017.
Subsea 7 made a net loss of $18m, compared with a $146m profit in the first three months of 2017.
In February, Subsea 7 acquired Siem’s cable lay business and two vessels and took a 60% stake in UK offshore engineering and advisory consultancy Xodus Group.
Image: reNEWS
Subsea 7 revenue dips
By EBS