Subsea 7 reports strong Q3 2025 results, record backlog

Subsea 7 S.A. reported a 27% increase in third-quarter 2025 adjusted EBITDA to $407m, achieving a 22% margin, up from 18% in the prior year. This growth was driven by solid execution in both subsea and conventional, and renewables segments, which posted adjusted EBITDA margins of 24% and 17%, respectively. Revenue for the quarter remained stable at $1.8bn.

The company's order intake reached $3.8bn, leading to a record backlog of $13.9bn. This underpins increased guidance for full-year 2025 revenue between $6.9bn and $7.1bn, with margins of 20-21%. The strong balance sheet, with net debt including lease liabilities at $505m, reflects efficient financial management.

Key projects in the third quarter included pipe-in-pipe installations at Yggdrasil and continued high vessel utilization in Brazil. In renewables, the installation of monopiles at Dogger Bank C was completed, and cable laying commenced at the Revolution project in the US. The company expects 2026 revenue to be between $7.0bn and $7.4bn, with an adjusted EBITDA margin of approximately 22%.