Higher revenue didn't save Subsea 7 from bottom-line loss

Subsea 7 increased its revenue with 59 percent compared to 2020, however, it was not enough to keep the balance sheet in the black on the bottom line. The offshore company states that delays and Covid-19 impacted business in the second quarter.

Photo: PR/Subsea 7

Offshore company Subsea 7 closed the second quarter with a revenue of USD 1.2bn against a revenue of USD 754m last year. However, the 59-percent revenue increase was not enough to save Subsea 7 from going into red numbers on the bottom line.

In the second quarter, Subsea 7 ended on a net loss of USD 13m on the bottom line, which is an improvement on year-on-year where the net loss totaled USD 922m.

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