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‘Very high’ vessel utilisation rates have contributed to strong results for the quarter
Subsea7’s renewables business has doubled its adjusted earnings before interest, depreciation and amortisation (EBITDA) to $62m in the third quarter of 2024, compared with 2023.
Revenue for the period reached $376m, up 40% year-on-year.
Results were driven by “very high” vessel utilisation.
The group reported its Seaway7 subsidiary had made good progress in execution and financial performance of existing projects, with over 90% foundations installed at Dogger Bank A&B, along with the completion of Moray West, Chang Fang Xidao and Gode Wind 3 offshore wind farms.
The unit has already signed two substantial contracts signed in fourth quarter execution beyond 2025, which are for Hornsea 3 cables and East Anglia 2 wires.
In offshore wind bidding activity remains high with latest developer awards confirming positive momentum in largest markets of the UK, Germany and the Netherlands supported by cost stability, supportive political and regulatory context and improved discipline from developers.
Subsea7 chief executive John Evans said: “Subsea7 delivered strong financial results in the third quarter, with solid progress on major projects in subsea and conventional, and high utilisation and good performance from our renewables fleet.
“In the first nine months of 2024, the group has delivered Adjusted EBITDA of $775m, exceeding the prior full year period, and we are on track to meet our profitability objectives for 2024.
“With approximately three quarters of 2025 revenue already booked in backlog, and with a beneficial project margin mix, I am confident that the business will continue to deliver strong growth in profitability next year.” |
