Subsea 7 net income up in Q3 on strong project execution across its segments

Subsea7 reported a record-high backlog of $13.9 billion at the end of September, following a strong order intake of $3.8 billion during the quarter, representing a book-to-bill ratio of 2.1 times. The backlog includes $6 billion for execution in 2026.

The company ended the quarter with a strong balance sheet, with net debt including lease liabilities improving to $505 million. Based on its firm backlog, Subsea7 issued guidance for 2026, expecting revenue in the range of $7 to $7.4 billion and an adjusted EBITDA margin of approximately 22 per cent.

For the full year 2025, revenue is expected to be between $6.9 and $7.1 billion, with margins between 20 and 21 per cent.