EnergyWatch

Subsea 7 expects no recovery until 2020

The bottom line continues to dwindle at offshore company Subsea 7 in a third quarter characterized by low prices and fewer completed projects. Although the number of new orders in the market continues to rise, the company does not expect improved results before 2020.

Photo: Subsea 7

A large part of Luxembourg-based Subsea 7's fleet was utilized in the third quarter of this year, however, it was not enough to compensate for lowered contract pricing and diminished activity in renewable energy and heavy lifting.

While Subsea 7's revenue grew slightly, the bottom line dwindled once again and landed at USD 76 million in the quarter, compared to USD 111 million in the same period last year, shows the third quarter interim report published Thursday.

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