Subsea 7 posts profitable Q2 despite renewables drag

Subsea 7 posts profitable Q2 despite renewables drag

Subsea 7 (OSE:SUBC) said supply chain challenges were stabilising and credited “strong performance” from its subsea and conventional businesses, despite a weaker quarter for renewables.

The Luxembourg-domiciled group reported pre-tax profits of $58.2 million (£48m) for the second quarter, while adjusted EBITDA rose nearly 50% on the same period last year, to $134m (£110m).

Revenue sat at $1.2 billion (£990m), while backlog at end of June was $7.8bn (£6.4bn), of which $2.5bn (£2bn) is expected to be executed during the remainder of this year.