Subsea7’s renewables business achieved $38m in net operating income in the fourth quarter of 2024, compared with a net operating loss of $69m in the same period in 2023.
The renewables business “performed strongly” and delivered an adjusted EBITDA margin of 21%.
The year-on-year increase reflected higher activity levels and non-cash impairment charges of $17m recognised in Q4 2024, compared to non-cash impairment charges of $73m recognised in Q4 2023.
Revenue in the renewables unit for the fourth quarter was $398m, an increase of $180m compared with Q4 2023.
During the quarter Dogger Bank B, Moray West and Yunlin (Taiwan) neared completion.
Work progressed on East Anglia 3 and Dogger Bank B (UK), Revolution (US) and Hai Long (Taiwan) projects, it added.
Seaway Alfa Lift and Seaway Strashnov were active on Dogger Bank B, installing monopiles and transition pieces.
John Evans, Chief Executive Officer, said: “Having achieved good and predictable cycle times for monopile installation, our scope is nearing completion and we will mobilise to the Dogger Bank C project in April.
“During the quarter our cable lay activities centred on Taiwan where we were active on the Yunlin, Zhong Neng and Hai Long projects.
“In the US, Seaway Aimery installed cables at the Revolution project.
“Utilisation of the heavy transportation vessels was high.”
On 23 February 2025, Subsea 7 announced an agreement in principle on the key terms of the proposed merger with Saipem.