Subsea 7's bottom line close to halved in Q2

The Luxembourg-based offshore carrier saw its bottom line decline significantly in the second quarter with fewer finished projects and lower prices. The number of new orders in the market has increased, however, says CEO Jean Cahuzac.

Photo: Subsea 7

Subsea 7's bottom line dived in the second quarter, whereby fewer major projects were finished, prices on new contracts were lower and activity within renewables and heavy lifting performed worse than last year.

However, CEO Jean Cahuzac sees more positive signs in the offshore market, according to the Q2 report published Thursday last week.

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