Oslo-listed Subsea 7 has booked 23 per cent lower profit for the quarter ended September 30, 2017 despite revenue boost of 15 per cent on increased activity in the renewables sector which was partially offset by other business units.
The subsea engineering and construction specialist posted quarterly profit of $111 million, or $34 cents per diluted share, on revenue of $1.1 billion, versus profit of $149 million, or $44 cents per diluted share on revenue of $928 million same time last year.
Lower quarterly results were contributed by the drop in SURF and Conventional and i-Tech Services divisions, complimented also by net foreign currency losses of $28 million in Q3 2017.
SURF and Conventional revenue for the quarter was $755 million, down $47 million or 6 per cent compared to Q3 2016. Year-to-date revenue was down by $337 million due to fewer projects in the final stages of completion and lower offshore activities levels.
i-Tech Services revenue for Q3 2017 was $76 million, a decrease of $21 million or 21 per cent compared to Q3 2016.
Revenue for the Renewables and Heavy Lifting division was $232 million in Q3 2017.
Revenue for the first nine months of 2017 was $3 billion, up 13 percent when compared to first nine months of 2016. However, net income year-to-date was $403 million, or $1.18 per share, compared to $432 million, or $1.26 per share in the prior year comparable period.
Subsea 7’s order intake was $538 million for the quarter. The company said its order backlog at the end of September 2017 was $5.3 billion, compared to $5.7 billion same time last year.
Subsea World News Staff