Offshore installation and construction specialist Subsea 7 saw its profit drop in the third quarter of 2018. The company’s vessel utilization hit 2014-highs in the quarter, tendering activity is picking up, but pricing remains under pressure.
Subsea 7 posted revenue of $1,08 billion, a slight rise compared to $1.06 billion a year ago. Net profit was $76 million for the quarter, down from $111 million in the third quarter last year.
Order backlog at the end of September was $5.1 billion, of which $2.2 billion is due to be recognized as revenue in 2019.