Subsea7 reported higher revenue and earnings for the second quarter of 2026, supported by strong activity across its subsea and offshore renewables businesses. The company has raised its full-year adjusted EBITDA margin guidance from 23% to approximately 24%.
Revenue increased 10% year-on-year to $1.93 billion in the second quarter, while adjusted EBITDA rose 31% to $471 million, resulting in a margin of 24%. Net income reached $254 million, compared with $131 million in the same period last year.
Order intake totalled $2.1 billion during the quarter, corresponding to a book-to-bill ratio of 1.1x. Backlog increased to $13.6 billion at the end of June, including $3.9 billion scheduled for execution during the remainder of 2026 and $5.6 billion in 2027.
In its offshore renewables business, vessel utilisation increased to 92% following the seasonal slowdown in the first quarter. During the period, Seaway Ventus installed 26 monopile foundations at the East Anglia THREE offshore wind farm in the United Kingdom, while Seaway Strashnov continued monopile installation work in France. Cable lay vessels Seaway Aimery and Seaway Phoenix completed class renewals before commencing work on the Hornsea 3 and East Anglia THREE offshore wind projects, supported by Seaway Moxie. Seaway Alfa Lift installed transition pieces at the Inch Cape offshore wind farm.
The subsea and conventional business also maintained high activity levels, with vessel utilisation of 85% across projects in Norway, Brazil, the USA and Côte d'Ivoire.
The proposed merger with Saipem remains on schedule, with integration planning progressing as expected.
