Subsea 7 saw third quarter profit rise. The UK-based engineering and construction firm recorded a net income of $206million compared to last year’s third quarter total of $160million.Year-to-date, Subsea 7 is sitting on a profit of $607million – a significant increase on last year’s $278million.
For the first nine months of its financial year, Subsea 7 recorded a total revenue of $5.5billion compared to last year’s $4.7billion.
The Oslo-listed company, which focuses on the North Sea, Brazil and Gulf of Mexico, said its order backlog fell sharply as energy companies delayed or cancelled projects.
