Luxembourg-headquartered Subsea7 has reported strong growth in 2024. The undersea engineering and offshore infrastructure specialist--which mainly serves the oil, gas and renewable energy industries--posted a net profit of $217m, compared with $10m a year earlier. Sales rose 14% to $6.8bn, driven by a recovery in offshore oil investment and sustained momentum in offshore wind.

The group’s order book stands at $11bn, with projects spread across low-carbon oil and gas and renewable energy. Subsea7’s partnership with Equinor on two major projects--the Wisting field offshore Norway and the Bay du Nord field offshore Newfoundland and Labrador in Canada--illustrates the growing importance of long-term contracts in the group’s strategy. The latter project, which is due to start in 2027, could represent a “super-major” contract worth more than $1.25bn, notes the group's in its .

In the renewable energy sector, Subsea7 is strengthening its positions through its Seaway7 brand. In 2024, Seaway7 was involved in the installation of 40 turbines and 400 kilometres of undersea cables. Despite the uncertainties surrounding project financing and construction costs, the group remains optimistic: “the installed base of offshore wind is expected to grow at nearly 20% per year until at least 2035, providing exciting opportunities for the group.”

First step towards CSRD

Subsea7 has also initiated a regulatory shift by publishing sustainability reports in line with the European CSRD directive. This was a demanding exercise, involving 15,000 hours of work to produce a 57-page report designed to better inform stakeholders about the group’s strategy, risks, impact and opportunities. “I am pleased with the collaboration and effort demonstrated across the Group to achieve this milestone,” says chair of the company Kristian Siem in the report.

“Subsea7’s strategy has delivered material growth in profitability in 2024, and the outlook is strong for the coming years,” says CEO John Evans. For 2025, the group is targeting sales of between $6.8bn and $7.2bn. But in an uncertain energy environment, the group remains cautious: “strong, disciplined focus on risk-adjusted value creation is key to our success.”

This article in French.