Subsea7 has reported a strong first quarter for 2025, with increased activity across subsea, conventional and renewables projects.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose 46% year-on-year to $236 million, representing a 15% margin. Revenue increased 10% to $1.5 billion. The company reaffirmed its full-year guidance and reported a $10.8 billion order backlog, including $4.8 billion scheduled for execution in 2025.
In the renewables segment, vessel maintenance during the winter period was followed by preparations for key offshore wind projects. Seaway Strashnov and Seaway Alfa Lift completed maintenance and are now preparing to resume work at the Dogger Bank offshore wind farm in the UK. Seaway Ventus was equipped with a monopile gripper ahead of installation work at the East Anglia Three project, where 95 monopiles will be installed. Subsea7 also maintained high activity levels on the Hai Long project in Taiwan.
The company continues to position itself for growth in offshore wind, citing strong prospects in the UK’s upcoming Contracts for Difference (CfD) allocation round. Subsea7 expects project approvals in the UK offshore wind sector to nearly double year-on-year, and highlights its established client relationships and technical capabilities in this market.
Subsea7 remains focused on long-duration offshore energy developments and maintains a positive outlook despite global economic uncertainty. The company expects EBITDA margins to rise to 18–20% in 2025, with further improvement forecast for 2026.
