Subsea 7 reports net income half that of same time last year

Despite higher revenue, Subsea 7's net income for the second quarter of 2018 has dropped to US$74 million from the US$146 million reported for the same period last year.

Net income fell even further across the first half of 2018, from US$292 million last year to US$56 million in 2018.

New awards and escalations totalled US$1.3 billion with seven awards announced in the quarter and order backlog increased to US$5.4 billion by the end of the quarter.