Subsea 7 presents significantly lower quarterly profit

Luxembourg-based installation carrier Subsea 7 delivered a profit in the past quarter, though a significantly smaller one than last year. A major efficiency plan aims to turn this development around.

Photo: Subsea 7

As an important player in the offshore industry in a region such as the North Sea, it comes as no surprise that Luxembourg-based installation carrier Subsea 7 finished the latest quarter with a poorer result than last year when the oil price was still above USD 100.

Just like the rest of the industry, ranging from major energy companies to suppliers and offshore carriers, the industry slowdown has taken its toll on the top as well as the bottom line, due to the oil price basically being cut in half during the quarter ending in June compared to last year.

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