Subsea 7 reported net income of $254 million for the second quarter of 2026, compared with $131 million in the same period last year, as earnings increased across its Subsea and Conventional and Renewables businesses.
Revenue rose 10% year on year to $1.9 billion. Adjusted EBITDA increased 31% to $471 million, while the Adjusted EBITDA margin reached 24%, up from 21% in the second quarter of 2025.
The company raised its full-year 2026 Adjusted EBITDA margin guidance to approximately 24% from 23%. Revenue guidance remained between $7.4 billion and $7.8 billion.
Stuart Fitzgerald became chief executive officer on 1 July 2026. He said the company would continue its strategy in the subsea and renewable energy markets while progressing with the proposed merger with Saipem.
Subsea and Conventional revenue increased by $130 million to $1.5 billion. Net operating income rose to $291 million from $165 million in the prior-year period.
Work continued on CRPO-153 in Saudi Arabia; Yggdrasil, Irpa, Fenris, Bestla and Fram Sør in Norway; Sakarya Phase 2a and Phase 3 in Türkiye; and Ginger, Monument and Trion in the US. In Brazil, PLSV activity remained high, with work progressing on Búzios 9 and Búzios 11.
Renewables revenue rose 14% to $350 million, while net operating income increased to $39 million from $20 million.
During the quarter, Seaway Ventus installed 26 monopiles at East Anglia THREE in the UK, while Seaway Strashnov installed monopiles in France. Seaway Aimery and Seaway Phoenix completed class renewals before starting work on Hornsea 3 and East Anglia THREE. Seaway Alfa Lift installed transition pieces at Inch Cape.
Fleet utilisation was 87%, compared with 86% in the second quarter of 2025. At 30 June 2026, the fleet comprised 35 vessels, including six chartered vessels.
Second-quarter order intake reached $2.1 billion, producing a book-to-bill ratio of 1.1 times. Backlog stood at $13.6 billion, including $3.9 billion for execution during the remainder of 2026, $5.6 billion in 2027 and $4.1 billion from 2028 onwards.
Net cash generated from operating activities was $570 million. Cash and cash equivalents were $1.0 billion at the end of June, while net cash including lease liabilities was $190 million after dividend payments of approximately $414 million.
