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Subsea 7 improved net result in tough market

Subsea 7 saw revenues decline but was able to deliver an improved net result in a challenging offshore market in the first quarter 2015. The company is well placed to pursue the few orders expected to arise, says the company.

Photo: Subsea 7

Luxembourg-based Subsea 7 achieved what management describes as a strong first quarter in 2015 compared to last year.

The net result grew to USD 151 million in the first three months of the year, compared to USD 131 million in the same period 2014, while revenue dropped to USD 1.1 billion from USD 1.6 billion the year before, according to the company's unadited interim report, published Wednesday.

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