Subsea 7 posted an increased net operating loss and lower revenue from its renewables and heavy lifting business last year compared with 2018, mainly down to lower activity levels and a “competitive market environment”.
Revenue fell to $217m in 2019, from $664m the year before, partly down to reduced activity on the Beatrice offshore wind farm off Scotland, the company said.
A net operating loss of $156m was reported for last year, compared with a profit of $4m in 2018.
However, the 2019 figure was hit by a goodwill impairment charge of $100m reflecting the impact of the competitive wind turbine foundations market in the near-term, Subsea 7 said.
Without the impairment charge, the net operating loss for 2019 was $56m, it added.
The company said renewables and heavy lifting accounted for $500m of its $4.1bn backlog at the end of 2019.
Overall, Subsea 7 reported a net loss of $82m in 2019, compared with a profit of $165m last year.
Revenue was down to over $3.56bn last year, from more than $4.07bn in 2018.
The company said good progress in its Surf and Conventional business arms was offset by the lower activity levels in the renewables and heavy lifting unit.