Subsea7's renewables division reported a sharp rise in earnings during the third quarter of 2024, with adjusted EBITDA reaching $62 million—double the figure recorded in the same period last year. The unit's revenue increased by 40% year-on-year to $376 million, driven by strong vessel utilization and progress on key offshore wind projects.
The Seaway7 subsidiary achieved significant milestones, including installing over 90% of the foundations at Dogger Bank A&B and completing work at the Moray West, Chang Fang Xidao, and Gode Wind 3 wind farms. The company also secured two major contracts in the fourth quarter for post-2025 execution, involving cabling for the Hornsea 3 and East Anglia 2 wind farms.
Chief Executive John Evans highlighted the group's robust financial performance. “Subsea7 delivered strong financial results in the third quarter, with solid progress on major projects in subsea and conventional, and high utilization and good performance from our renewables fleet,” Evans said.
Offshore wind bidding activity remains strong, particularly in markets like the UK, Germany, and the Netherlands. This is supported by stable costs, favorable political and regulatory environments, and improved discipline among developers.
With $775 million in adjusted EBITDA reported for the first nine months of 2024—exceeding the prior full-year performance—Subsea7 is on track to meet its profitability targets for the year. Additionally, with about 75% of 2025 revenue already secured, the company anticipates continued growth in profitability next year.
This performance underscores the growing demand for offshore wind infrastructure and Subsea7's expanding role in delivering large-scale renewable energy projects.
