Subsea 7 has reported adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for its renewables business of $21m in the third quarter of 2022, compared with $19m in the same period in 2021.
Adjusted EBITDA margin for the business for the period was 5.5%.
Order intake was $198m, compared with $61m in the third quarter of 2021.
Subsea 7 stated that its Seaway 7 unit is now fully funded, with a $650m funding plan approved, consisting of a $200m rights issue, a $300m RCF facility and a $150m shareholder RCF facility.
Seaway 7 is now fully funded for two new-build vessels under construction, potential upgrades on other vessels and dry docking.
In the renewables business unit, during the third quarter of 2022, the fleet achieved high utilisation including the completion of monopile installation activities on Hollandse Kust Zuid (HKZ) in the Netherlands and Formosa 2 in Taiwan, in line with second quarter projections.
The company’s cable lay vessels were fully utilised on Seagreen in the UK, and on HKZ.
John Evans, Chief Executive Officer of Subsea 7, said: “In the third quarter of 2022, Subsea 7 delivered a strong performance in Subsea and Conventional while performance in Renewables stabilised.
“In September, we announced a funding plan for our fixed offshore wind business, Seaway 7. A combination of $200 million raised through the issuance of equity and $450 million of debt facilities leaves the business and its new-build vessel programme fully funded.
“Reflecting its strong outlook and reaffirming our belief that Seaway7’s shares are materially undervalued, Subsea 7 subscribed to 72.4% of the equity issue to maintain its shareholding.
“This was mirrored by the other major shareholders, Songa Offshore and Lotus Marine.
“Together these steps strengthen our position across the energy landscape as demand for both traditional and new energy resources continues to grow.”