Subsea 7 reported an adjusted EBITDA of $471 million for the second quarter of 2026, representing a 31 per cent increase compared with the prior year period.
Revenue for the three months ending June 30 rose 10 per cent to $1.9 billion, supported by operational growth across subsea and renewables projects.
The group recorded an order intake of $2.1 billion during the quarter, bringing its total backlog to $13.6 billion. Of that total, $3.9 billion is scheduled for execution in 2026, while $5.6 billion is allocated for 2027 and $4.1 billion for 2028 and beyond.
Vessel utilisation in the Subsea and Conventional segment reached 85 per cent, with Seven Vega, Seven Arctic, Seven Navica, and Seven Oceanic operating on pipelay and umbilical installation in Norway.
Additionally, Seven Oceans and Seven Merlin performed work in Brazil, Seven Seas conducted flexible flowline installation in the US, and Seven Pacific operated in Côte d'Ivoire.
Within the renewables sector, vessel utilisation rose to 92 per cent as Seaway Ventus and Seaway Strashnov installed monopiles in the UK and France.
Cable lay and installation tasks at Hornsea 3, East Anglia three, and Inch Cape were carried out by Seaway Aimery, Seaway Phoenix, Seaway Moxie, and Seaway Alfa Lift.
Chief Executive Officer Stuart Fitzgerald highlighted that the group is continuing integration planning for a proposed merger with Saipem. "The proposed merger process remains on track."
Following the quarterly results, the company raised its full year 2026 adjusted EBITDA margin guidance to approximately 24 per cent from its previous forecast of 23 per cent. Subsea 7 reiterated that it anticipates full-year revenue to land between $7.4 billion and $7.8 billion.