Subsea 7 Revenue Up But Profit Cut in Half

Oslo-listed Subsea 7 has seen profit cut by close to 50 percent in the quarter ended June 30, 2018 on fewer large projects, lower margins and lower activity levels in some of its business units.

The subsea engineering and construction specialist posted quarterly profit of $74 million, or $24 cents per diluted share, on revenue of $1.16 billion, versus profit of $146 million, or $43 cent per diluted share on revenue of $1 billion in the comparable period in 2017.

The company reported adjusted EBITDA and adjusted EBITDA margin for the quarter of $186 million and 16% respectively, against $340 million and 33% in Q2 2017.

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