Subsea 7's bottom line down almost 50 pct in Q2

The Luxembourg-based offshore shipping company saw its bottom line decline significantly in the second quarter with fewer finished projects and lower prices. But the number of new orders in the market has increased, says CEO Jean Cahuzac.

Photo: Subsea 7

Subsea 7's bottom line dived in the second quarter, as fewer major projects were finished, prices on new contracts were lower and activity within renewables and heavy lifting performed worse than last year.

However, CEO Jean Cahuzac sees several positive signs in the offshore market, according to company's Q2 report.

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