Subsea7 has reported its Q3 2025 results, noting stable activity across its subsea, conventional and renewables work. Renewables activity was steady. Seaway Strashnov completed installation of 87 monopiles at Dogger Bank C in the UK, and Seaway Alfa Lift continued transition piece work. Seaway Ventus resumed operations at East Anglia Three following a crane repair. In the USA, Seaway Aimery began cable-laying at the Revolution project after a brief standby period.
Adjusted EBITDA for the quarter reached $407 million, a year-on-year increase of 27%, giving a margin of 22%. Revenue for the quarter was $1.84 billion, broadly unchanged from the same period last year. The company expects full-year 2025 revenue to fall between $6.9 and 7.1 billion, with margins between 20 and 21%. Its backlog reached a record $13.9 billion, including $6.0 billion scheduled for execution in 2026 and $3.8 billion in 2027.
For the first nine months of 2025, the Group generated revenue of $5.13 billion and reported Adjusted EBITDA of $1.00 billion. Net income for the period was $257 million. The company ended Q3 2025 with net debt of $505 million including lease liabilities, supported by a cash balance of $546 million.
Operational activity in subsea and conventional work remained high. In Norway, Seven Vega installed pipe-in-pipe at Yggdrasil, while Seven Oceans, Seven Navica and Seven Arctic worked at Irpa and Øst Frigg. Seven Navica also supported work at Murlach and Bittern-Belinda in the UK. In Angola, Seven Borealis and Seven Pacific continued their campaigns. In Brazil, Seven Waves began a new three-year contract for Petrobras, with the remaining pipelay support vessels transitioning to new contracts in Q4.
Order intake for Q3 was $3.8 billion, reflecting new awards and project escalations, resulting in a book-to-bill ratio of 2.1. Subsea7 expects revenue in 2026 to range between $7.0 and 7.4 billion, with an anticipated Adjusted EBITDA margin of about 22%.
