Regulatory reviews are still pending for the planned tie-up between Subsea7 and Saipem, with both companies continuing to point to completion in the second half of 2026. The combined group is set to be owned 50:50 by the two shareholders and would bring together Saipem’s onshore and offshore construction reach with Subsea7’s offshore-focused operations.
Against that backdrop, Subsea7 posted fourth-quarter 2025 revenue of just over $1.96 billion, up from $1.87 billion a year earlier and broadly matching the $1.95 billion level expected by analysts tracked by Marketscreener. Net income came in at $148 million, improving sharply from $26 million in the prior-year quarter but below the roughly $174 million consensus estimate. RBC Capital Markets attributed the shortfall to a $50 million foreign-exchange loss.
Profitability on an operating basis strengthened, with adjusted EBITDA rising 51% year-on-year to $477 million, above the $431 million analyst consensus. Chief executive John Evans said the final quarter’s performance lifted full-year 2025 adjusted EBITDA to $1.5 billion, up 36% versus the prior year, while free cash flow reached $1.2 billion.
Evans also said the company ended 2025 with net cash of $21 million, an improvement of $622 million from the previous year-end, and an order book approaching $14 billion. He added that strong tendering activity supports management’s confidence in the group’s outlook.
For 2026, Subsea7 reiterated guidance calling for revenue of $7 billion to $7.4 billion and an adjusted EBITDA margin of about 22%, a year in which the company is scheduled to complete the transaction with Saipem. On a recent conference call, Saipem chief executive Alessandro Puliti said he still expects the deal to close in the second half of 2026, despite objections raised with Brazil’s antitrust authority Cade.
Separately, Subsea7 proposed a dividend of Nkr13 per share (about 1.4 US cents), or roughly $400 million in total, to be paid as a single instalment in May ahead of the merger’s completion. RBC said this is above the Nkr10 per share consensus expectation.
