Subsea 7 recorded first quarter revenue of $1.8 billion, which marks a 17 per cent increase over the same period in the prior year. The group stated that profit reached $385 million for the three months ending March 31, equating to a margin of 21 per cent.
A backlog of $13.5 billion was reported by the company, including $5.5 billion scheduled for execution during the remainder of 2026.
Visibility for 2027 has reportedly strengthened with $5 billion in orders, representing a 17 per cent rise since the end of 2025.
Fleet utilisation for subsea and conventional vessels reached 78 per cent, while the renewables fleet operated at 81 per cent during the quarter.
Pipelines and umbilicals were installed at the Sakarya Phase 2 project in Turkey by Seven Vega and Seven Seas.
Operations at the Mero 4 and Búzios 8 sites in Brazil involved the Seven Oceans, whereas Seven Arctic, Seven Atlantic, and Seven Falcon were active in Norway. The Seven Borealis and Seven Pegasus completed the Vito waterflood project during this period.
Operating income reached $210 million after accounting for depreciation and amortisation, according to the financial review. Net income totalled $97 million following foreign exchange losses of $67 million and a tax rate of 28 per cent.
Annual revenue is expected by the group to fall between $7.4 billion and $7.8 billion, representing an upward revision from earlier forecasts. Subsea 7 stated it is focused on achieving a profit margin of approximately 23 per cent for the full year.
Exposure to regional disruption in the Middle East is low, accounting for less than ten per cent of the backlog according to the group.
