Subsea7 has reported its results for the third quarter of 2025, posting an adjusted EBITDA of $407 million, a 27 per cent increase compared to the same period last year. This equates to a margin of 22 per cent, up from 18 per cent in Q3 2024. Total revenue for the quarter was $1.8 billion, consistent with the prior-year period.
The company highlighted solid operational and financial performance across both its main segments. Subsea and conventional achieved an adjusted EBITDA margin of 24 per cent, while renewables posted a margin of 17 per cent.
Net income for the quarter was $109 million, or $0.38 per diluted share, compared to $98 million in Q3 2024.
John Evans, Chief Executive Officer, stated, "Subsea7 delivered 27 per cent growth in Adjusted EBITDA in the third quarter of 2025...This was the result of both solid execution, particularly in subsea and conventional, as well as the continued mix-shift of our backlog towards contracts with a more favourable risk-reward balance."
Subsea7 reported a record-high backlog of $13.9 billion at the end of September, following a strong order intake of $3.8 billion during the quarter, representing a book-to-bill ratio of 2.1 times. The backlog includes $6 billion for execution in 2026.
The company ended the quarter with a strong balance sheet, with net debt including lease liabilities improving to $505 million. Based on its firm backlog, Subsea7 issued guidance for 2026, expecting revenue in the range of $7 to $7.4 billion and an adjusted EBITDA margin of approximately 22 per cent.
For the full year 2025, revenue is expected to be between $6.9 and $7.1 billion, with margins between 20 and 21 per cent.