After a year of active tendering, Subsea7’s backlog hits year-end level last seen in 2013

(Offshore-energy.biz) After another year of active tendering, Subsea7 secured $7.4 billion of contract awards in 2023, taking its backlog to $10.6 billion, a year-end level last seen in 2013.

In its full-year 2023 financial report, Subsea7 reported revenue of $6 billion, an increase of $838 million or 16% compared to the prior year, said to be due to significantly increased activity in the Subsea and Conventional business unit which reflected increased demand for services in the offshore oil & gas sector, partly offset by lower revenue in the Renewables business unit due to the phasing of large fixed-price projects in the UK.

Adjusted EBITDA was $714 million resulting in an adjusted EBITDA margin of 12%, an increase of $155 million or 28% compared to the year ended December 31, 2022, driven by both the Subsea and Conventional business unit, with the execution of projects awarded at improved margins, and double-digit adjusted EBITDA margin in the Renewables business unit where the prior year was adversely impacted by additional costs incurred on certain projects.

Net operating income was $105 million for 2023, compared to $149 million in 2022.

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