Subsea 7 Q3 Results Get Beatrice Boost

Subsea 7 reported a revenue of USD 1,063.3 million (approx. EUR 916 million) for the third quarter of 2017, a 15% increase compared to Q3 2016, largely due to increased activity in the renewables sector with the Beatrice project being in the spotlight. 

The company, which is the 100% owner of Seaway Heavy Lifting (SHL) as of March 2017, saw a 13% revenue increase for the first nine months of this year as well, also driven by its Renewables and Heavy Lifting Business Unit, part of which is Seaway Heavy Lifting, currently working at the Beatrice offshore wind farm as one of its ongoing projects. Subsea 7 revenues for Q3 2017 and the first nine months of 2017 were partially offset by lower activity levels within its Subsea Umbilicals, Risers and Flowlines (SURF) and Conventional and i-Tech Services Business Units.

Looking only at Subsea 7 Renewables and Heavy Lifting unit, the revenue was at USD 232 million (approx. EUR 200 million) in Q3 2017, USD 202 million more than reported for the same period of 2016. Here, Subsea 7 again highlighted that the increase is mainly related to the Beatrice offshore wind project and that the unit’s results for Q3 2017 benefited from the consolidation of Seaway Heavy Lifting.

At the Beatrice offshore wind farm site off Scotland, SHL’s crane vessel Stanislav Yudin has so far installed 84 out of the 86 sets of piles for jacket foundations and will re-mobilise for the installation of jackets once done, since SHL’s vessel Oleg Strashnov left the site in early October after installing 24 jackets and was later reported to be working at the Merkur offshore wind site in Germany.

Offshore WIND Staff