Subsea 7 downgrades 2016 forecast

Installation carrier Subsea 7 finished the first quarter with a much lower revenue and net result, while the company grew its orderbook and improved the operation result. Management still expects a continued downturn in revenue during a challenging 2016.

BY DANIEL LOGAN BERG-MUNCH

Offshore and installation carrier Subsea 7, based in Luxembourg and listed in Oslo, remains under pressure from the ailing oil and gas market, and this will be reflected in the coming year, according to the company's first quarter interim report. Here, Subsea 7 downgrades the forecast for both revenue and the operating result in 2016.

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