Subsea 7’s renewables business posted a net operating loss of $69m in Q4 2023 compared to net operating income of $6m.
Net operating loss in Q4 2023 included non-cash impairment charges of $73m mainly related to Seaway Alfa Lift’s monopile installation equipment, owing to a contractual dispute, and a non-core vessel which was disposed in early 2024.
Net operating loss for the renewables business for 2023 was $74m compared to net operating loss of $85m in the prior year, which reflected costs incurred on certain projects.
In 2023, non-cash impairment charges of $73m were recognised mainly related to Seaway Alfa Lift’s monopile installation equipment, owing to a contractual dispute, and a non-core vessel which was disposed in early 2024.
Revenue was $955m compared to $1.1bn in the prior year.
During the year, Hollandse Kust Zuid and Seagreen, in the Netherlands and UK respectively, were completed.
Work progressed on Dogger Bank A&B (UK).
In Taiwan, Seaway Phoenix continued cable lay activities at Changfang and Xidao and, at Yunlin, one export cable and four inner-array cables were installed by Maersk Connector.
The newbuild Seaway Ventus began its transit from the yard in China to Europe.
In a statement Subsea 7 said that concerning the renewables business, “last year’s project delays and cancellations put many countries’ clean energy ambitions under pressure and prompted a swift response in countries such as the UK and US, with positive indications for our tender pipeline in 2024.”
It added: “While the growth trajectory for the offshore wind market may not be smooth it is certainly clear that long-term demand is set to significantly exceed the current fleet capacity of the industry.
“With a strong focus on achieving an equitable risk-return balance, we believe our offshore wind business will deliver sustainable value creation for shareholders.”