Subsea 7’s renewables business has reported a net operating loss of $18m in the first quarter of 2023 compared to a to net operating loss of $17m in the same period of 2022.
Revenue for the unit in Q1 2023 was $160m, compared with $266m in Q1 2022.
Subsea 7 chief executive John Evans said: “The first quarter of 2023 unfolded as we expected and Subsea 7 is on track to meet management’s guidance for the full year.
“Our backlog continued to grow during the quarter, with awards in both subsea and offshore wind, and bidding remains very active in both businesses.
“The sustained high level of demand from our clients supports our view of a return to an adjusted EBITDA margin range of 15%-20% in the coming four years.
“While this year marks a period of re-investment in both the subsea and renewables businesses, we are confident that our strategy positions the group for strong cash generation, and the return of excess capital to shareholders, next year and beyond.”
In the renewables business unit Seaway Aimery and Seaway Moxie worked on the cable lay scope of Hollandse Kust Zuid in the Netherlands.
Seaway Strashnov was in dry dock, as planned, for most of the first quarter and resumed operations on Dogger Bank A&B at the end of March.
Subsea 7 also resumed activity at Seagreen and the final jacket was installed mid-April.