Offshore engineering and services group Subsea7 reported adjusted EBITDA of $407mn in the third quarter of 2025, a 27% increase compared to the same period last year. The adjusted EBITDA margin stood at 22%, driven by strong performance in the Subsea and Renewables segments, which reached margins of 24% and 17% respectively. Quarterly revenue remained stable at $1.84bn.
Record-high order backlog
The group’s order backlog reached a record $13.91bn at the end of September, up from $11.82bn three months earlier. This amount includes $6.0bn of projects scheduled for execution in 2026 and $3.8bn planned for 2027. Order intake during the quarter totalled $3.8bn, resulting in a book-to-bill ratio of 2.1, compared to 1.4 in the previous quarter.
Net income for the quarter amounted to $109mn, compared to $98mn a year earlier, with earnings per share of $0.38. Over the first nine months of the year, Subsea7 generated cumulative revenue of $5.13bn, up from $4.97bn in the previous year. Adjusted EBITDA for the period reached $1.00bn, representing a 20% margin.
Positive outlook for 2026
For the full year 2025, Subsea7 expects revenue between $6.9bn and $7.1bn, with an adjusted EBITDA margin projected between 20% and 21%. Based on firm contracts already signed for 2026, the company anticipates revenue in the range of $7.0bn to $7.4bn and an adjusted EBITDA margin of approximately 22%.
The group maintains a strong financial position, with net debt including lease liabilities reduced to $505mn, representing 0.4 times the adjusted EBITDA over the last twelve months. Cash and cash equivalents increased to $546mn, while gross borrowings slightly decreased to $629mn.
John Evans, Chief Executive Officer of Subsea7, highlighted the consistency of the group’s strategy focused on long-cycle, high-value energy projects: “The third quarter demonstrated our organisation’s ability to execute complex projects efficiently while creating value for our clients.”
