Subsea7 has reported higher earnings and cash generation for 2025, with its renewables division contributing to improved margins alongside subsea oil and gas operations. Within the renewables segment, which includes offshore wind installation and cable-lay activities, Subsea7 reported continued operational progress during the fourth quarter.
In the United Kingdom, Seaway Alfa Lift completed installation of the final transition pieces at the Dogger Bank C project, while Seaway Ventus continued foundation installation works at East Anglia Three. In the USA, Seaway Aimery completed cable-lay operations at the Revolution Wind project. In Chinese Taipei, Seaway Phoenix continued cable installation at the Hai Long development.
Revenue in the fourth quarter reached $1.96 billion, compared with $1.87 billion in the same period of 2024. Adjusted earnings before interest, tax, depreciation and amortisation were $477 million, up from $315 million a year earlier, corresponding to a margin of 24%. Net income for the quarter was $148 million, compared with $26 million in the fourth quarter of 2024.
For the full year, revenue increased to $7.09 billion from $6.84 billion in 2024. Adjusted earnings before interest, tax, depreciation and amortisation rose to $1.48 billion from $1.09 billion, resulting in a margin of 21%. Net income for the year was $404 million, up from $217 million in 2024.
At 31 December 2025, the group’s backlog stood at $13.8 billion, up from $11.2 billion a year earlier, providing revenue visibility across both offshore wind and subsea oil and gas projects. Of this, $6.9 billion is expected to be executed in 2026 and $4.3 billion in 2027. The full-year book-to-bill ratio was 1.3 times.
For 2026, Subsea7 expects revenue in the range of $7.0 billion to $7.4 billion and an adjusted earnings margin of around 22%. Regulatory clearance for the proposed merger with Saipem remains under review.
