Subsea 7 reported revenue of USD 897 million (EUR 823 million) for the first quarter of 2017, a 20% jump compared to the same period a year earlier mainly due to a good performance of the company’s newly formed Renewables and Heavy Lifting division.
Renewables and Heavy Lifting division recorded a revenue of USD 220 million for Q1 2017 compared to USD 2 million in Q1 2016, largely related to the Beatrice wind farm installation project, Subsea 7 said.
During the quarter, Subsea 7 completed the acquisition of Seaway Heavy Lifting, after which the Renewables and Heavy Lift division was established.
The new division covers activities related to the installation of offshore wind farm foundations, heavy lifting operations for oil and gas structures, and the decommissioning of redundant offshore structures.
The primary reason for the acquisition of SHL was to increase market share in growing markets and to strengthen the group’s participation in the areas of renewables, heavy lifting and decommissioning services, Subsea 7 said.
”We have increased our focus on the growing market for offshore renewable energy installations with the acquisition of the remaining 50% of Seaway Heavy Lifting that we did not already own. This has led to the establishment of a new Business Unit, Renewables and Heavy Lifting. We anticipate additional renewable energy project awards to market as the economics of offshore wind farms continue to improve,” Jean Cahuzac, Chief Executive Officer of Subsea 7, said.