Subsea 7 reported a decline in third-quarter renewables earnings, with adjusted EBITDA falling to $51.8 million from $61.7 million a year earlier, the company said in its quarterly results. Renewables revenue also decreased, dropping to $302 million compared with $375.6 million in the same period of 2024.
Net operating income from the renewables business stood at $20.8 million, down from $32.2 million year-on-year.
The company said work progressed across several major offshore wind developments, including Dogger Bank C, East Anglia THREE and Inch Cape in the UK, Revolution in the United States and Hai Long in Taiwan. Subsea 7 added that the He Dreiht project in Germany was nearing completion.
Despite the earnings decline, the company said its renewables division delivered a solid performance. Subsea 7 said the segment produced “a robust financial result despite… challenging market conditions,” noting continued execution across its global project pipeline.
