Subsea 7 is expecting full-year revenue to come in at the higher end of its range as work hums along on projects.
The Kristian Siem-backed company reported a $98m profit for the third quarter, up from $36m a year earlier.
The performance was backed by the top line rising to $1.8bn from $1.6bn.
The Oslo-listed company expects 2024 full-year revenue to come in at the “upper end” of the $6.5bn to $6.8bn range given last quarter. Through nine months, it recorded nearly $5bn in revenue.
Chief executive John Evans said: “Subsea 7 delivered strong financial results in the third quarter, with solid progress on major projects in subsea and conventional, and high utilisation and good performance from our renewables fleet.”
He is confident the company will continue to grow and maintain profitability through 2025.
Subsea 7 expects its 2025 full-year revenue to come in between $6.8bn and $7.2bn with an adjusted Ebitda margin of 18% to 20%.
For the quarter, its backlog was boosted by $300m in new contracts in the Gulf of Mexico and the UK, but fell to $11.3bn from $12.5bn in the second quarter.
For its conventional oil and gas business, Subsea 7 said three projects are nearing completion, while work is continuing on 11. The segment brought in $1.4bn in revenue.
Renewables projects — of which seven are ongoing — brought in revenue of $835m.
