Subsea 7 remains in red despite higher revenues

UK subsea engineering, construction and services company Subsea 7 recorded a loss during the first quarter of the year while its revenues increased driven by its SURF and Conventional business unit.

Subsea 7’s net loss remained nearly flat totaling $19 million in the first quarter 2019 compared to the net loss of $18 million in the same period last year.

In 1Q 2019, the entire net loss was attributable to the parent company’s shareholders compared to $10 million in the prior year period.

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