Luxembourg – 31 July 2025 – Subsea 7 S.A. (Oslo Børs: SUBC, OTC:SUBCY, XSTO:SUBCo, the Company) announced today results of Subsea7 Group (the Group, Subsea7) for the second quarter and first half of 2025 which ended 30 June 2025.
Highlights
- Second quarter Adjusted EBITDA of $360 million, up 23% on the prior year period, equating to a margin of 21%
- Strong operational and financial performance from both Subsea and Conventional and Renewables, with Adjusted EBITDA margins of 21% and 17% respectively
- Guidance for full year 2025 re-affirmed
- A high-quality backlog of $11.8 billion gives over 90% visibility on 2025 revenue guidance
- Balance sheet remains strong with net debt including lease liabilities of $695 million, equating to 0.6 times the Adjusted EBITDA generated in the last four quarters
- On 23 July 2025 a definitive agreement with Saipem was signed for a merger of equals that will create a global leader in energy services
Second Quarter | Half Year | |||
For the period (in $ millions, except Adjusted EBITDA margin and per share data) | Q2 2025 Unaudited |
Q2 2024 Unaudited |
1H 2025 Unaudited |
1H 2024 Unaudited |
Revenue | 1,756 | 1,739 | 3,285 | 3,134 |
Adjusted EBITDA(a) | 360 | 292 | 596 | 454 |
Adjusted EBITDA margin(a) | 21% | 17% | 18% | 15% |
Net operating income | 186 | 137 | 263 | 157 |
Net income | 131 | 63 | 148 | 92 |
Earnings per share – in $ per share | … |