Subsea 7’s renewables division has reported revenue of $377m (€333m) in the third quarter of 2021, compared with $269m in the same period last year.
Net operating income was $5m in Q3 2021 compared to net operating income of $0 in Q3 2020.
The increase in revenue was due to increased activity, particularly in relation to jacket fabrication and inner-array cable manufacturing on the Seagreen offshore wind farm.
Chief executive officer John Evans said: “Subsea 7 delivered a strong operational and financial performance in the third quarter driven by very high utilisation of the active fleet in both Subsea and Conventional and Renewables, as well as an increased level of engineering and procurement activity relating to recent major awards.”
In the third quarter Subsea 7 continued to expand its proactive participation in the energy transition.
The group furthered its interest in floating wind through the acquisition of a majority holding in Nautilus Floating Solutions, a developer of technology for this emerging market.
Together with its agreement with Simply Blue Energy to develop the Salamander floating wind project, and the creation of Seaway 7 ASA, this acquisition reinforces its position across the high growth offshore wind market.
In addition, Seaway Yudin restarted work on the Formosa 2 project in Taiwan with a reduced crew due to the limited availability of visas.
The season’s offshore campaign was completed and the vessel demobilised to Indonesia.
It is expected to return in the first quarter of 2022 to complete our scope of the Formosa 2 project.
Also in Taiwan, Seaway Phoenix continued laying inner-array cables for the Yunlin project.
In Europe, Seaway Aimery, Seaway Moxie and Simar Esperança were fully utilised throughout the quarter installing inner-array cables for the Hornsea II project while Seaway Strashnov installed monopiles at Hollandse Kust Zuid, offshore Netherlands.
The Seagreen project reached an important milestone with the installation of the first suction caisson jackets.
Looking ahead, the directors said tendering is active for projects expected to be awarded to the industry in 2022, including in Asia, Europe and the US.
With an enhanced fleet of cable, foundation and turbine installation vessels, Seaway 7 ASA is well-positioned to capture a fair share of this long-term, high-growth market, they added.