Subsea 7’s renewables and heavy lifting division recorded a loss of $12m (€11m) in the first quarter of 2020, compared with a deficit of $9m in the same period in 2019.
The loss was mainly due to offshore vessel Seaway Yudin being idle in the first quarter, said Subsea 7 in the group’s first quarter financial results.
Revenues for the first quarter of this year reached $62m for the renewables and heavy lifting division, which is active in the offshore wind industry, compared with $53m in the first quarter of 2019.
The rise in revenues was due to increased activity primarily in relation to the Triton Knoll offshore wind farm, off the UK coast.
Subsea 7 said the outlook for its renewables business is “unchanged and a source of profitable growth in the long term”.
Overall the Subsea 7 group sustained a loss of $49m in its first quarter 2020 results, compared with a loss of $10m in the same period of last year.
Subsea 7 stated: “The outlook for renewables is more positive and our tendering team remains active in negotiations on a number of projects.
“The business unit benefits from a diverse range of clients many of which are not impacted by low oil prices and have not needed to make material cuts to near-term investment plans.
“While, in the short-term, competition for these contracts is high, we are confident that these clients remain committed to their clean energy initiatives and we continue to view the offshore wind market as a source of sustainable, profitable growth for Subsea 7 in the longer term.”