Subsea 7 struggles with impairments and orderbooks

Revenue is sliding but the losses are limited, just as the impairments have also been cut in half compared to 2014, according to the annual report from Subsea 7. The carrier has not avoided major impairments and cutbacks totaling USD 521 million.

Photo: Subsea 7

Subsea 7 - which specializes in the subsea installation of oil and gas projects - reports declining revenue, deficits and impairments for 2015. Yet the orderbook is wobbly, while bigger cuts than expected are being applied to the number of employees and ships on the water, according to the company's annual report, released Wednesday.

Revenue for 2015 for the Oslo-listed carrier dropped to USD 4.76 billion down from USD 6.9 billion in 2014. With impairments for 2015 clocking in at USD 521 million, this is actually dow close to 50 percentfrom last year when the impairments totaled USD 1.2 billion.

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