Subsea7 reported a solid first quarter in 2026, supported by continued activity in offshore wind and other renewables alongside its subsea operations. The renewables segment delivered steady utilisation and project execution, contributing to overall performance.
During the period, vessels including Seaway Ventus installed foundations at the East Anglia THREE offshore wind project, while Seaway Aimery and Seaway Moxie continued cable installation work. Several other vessels in the renewables fleet underwent planned maintenance.
Financially, the renewables business achieved a margin of 12%, compared with 24% in the subsea segment, contributing to Group revenue of $1.8 billion and adjusted EBITDA of $385 million, with an overall margin of 21%. This marks a clear improvement compared with the same period last year.
The company maintains a substantial backlog of $13.5 billion, including significant work scheduled for 2026 and 2027, supporting visibility across both conventional and renewables activities. Net cash stood at $198 million, including lease liabilities, reflecting a stronger position compared with the end of 2025.
Looking ahead, Subsea7 expects continued activity across offshore energy markets, including offshore wind, supported by a strong project pipeline and ongoing tendering.
