Subsea 7 S.A. Announces Second Quarter and Half Year 2025 Results

Luxembourg, 31 July 2025, Subsea 7 S.A. (Oslo Børs: SUBC, OTC:SUBCY, XSTO:SUBCo, the Company) announced today results of Subsea7 Group (the Group, Subsea7) for the second quarter and first half of 2025 which ended 30 June 2025.

Highlights 

Second quarter Adjusted EBITDA of $360 million, up 23% on the prior year period, equating to a margin of 21%

Strong operational and financial performance from both Subsea and Conventional and Renewables, with Adjusted EBITDA margins of 21% and 17% respectively

Guidance for full year 2025 re-affirmed

A high-quality backlog of $11.8 billion gives over 90% visibility on 2025 revenue guidance

Balance sheet remains strong with net debt including lease liabilities of $695 million, equating to 0.6 times the Adjusted EBITDA generated in the last four quarters

On 23 July 2025 a definitive agreement with Saipem was signed for a merger of equals that will create a global leader in energy services

 

Second Quarter

Half Year

For the period (in $ millions, except Adjusted EBITDA margin and per share data)

Q2 2025Unaudited

Q2 2024Unaudited

1H 2025Unaudited

1H 2024Unaudited

Revenue

1,756

1,739

3,285

3,134

Adjusted EBITDA(a)

360

292

596

454

Adjusted EBITDA margin(a)

21%

17%

18%

15%

Net operating income

186

137

263

157

Net income

131

63

148

92

 

 

 

 

 

Earnings per share, in $ per share

 

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