Subsea7 S.A. delivered revenue of $7.1 billion in 2025, with adjusted EBITDA of $1.48 billion at a 21% margin — a 36% improvement year-on-year and the company’s strongest earnings performance in its history. The Luxembourg-registered company, listed on the Oslo Stock Exchange under ticker SUBC, closed 2025 with a record backlog of $13.8 billion, of which $6.9 billion is scheduled for execution in 2026, providing exceptional near-term revenue visibility. Subsea7 operates across offshore oil and gas construction, subsea field development, and offshore renewables through its separately listed subsidiary Seaway7.
Subsea7 Company Overview
Subsea7 was created through the 2011 merger of Acergy and Subsea 7 — two established offshore construction companies with complementary geographic strengths — and has since grown into one of the world’s largest offshore engineering and construction contractors. Headquartered in Luxembourg with operational centres in London, Paris, Stavanger, and Aberdeen, the company employs approximately 12,000 people across more than 30 countries.
The business operates across two primary reporting segments: Subsea and Conventional, covering oil and gas subsea construction and pipeline installation; and Renewables, operated through Seaway7 and focused on offshore wind foundation and cable installation. Both segments delivered strong margin improvement in 2025, with Subsea and Conventional achieving its fifth consecutive year of revenue growth and Renewables reaching profitability with a 20% adjusted EBITDA margin in Q4 2025.
Subsea and Conventional: The Core Business
Subsea7’s primary business covers the full spectrum of offshore subsea engineering and installation — SURF (subsea umbilicals, risers, and flowlines), pipeline systems, subsea structures, and associated engineering services. The company owns and operates one of the most capable heavy construction vessel fleets in the industry, including the Seven Borealis — a state-of-the-art pipe-lay and heavy-lift vessel — and multiple dedicated reel-lay, J-lay, and S-lay vessels for different water depth and pipeline diameter requirements.
The Subsea and Conventional segment generated revenue of $5.8 billion in 2025 at an adjusted EBITDA margin of 26% in Q4, reflecting both market pricing improvement and operational efficiency gains. Key active projects span Norwegian Continental Shelf developments for Equinor and Aker BP, deepwater Brazil SURF contracts, West Africa pipeline installation, and Middle East subsea infrastructure. The Norwegian offshore market driving a significant share of Subsea7’s Subsea and Conventional workload is covered in our profile of Vår Energi’s offshore Norway project portfolio.
Seaway7: The Renewables Subsidiary
Seaway7 is Subsea7’s offshore renewables business, separately listed on the Oslo Stock Exchange and focused on the installation of offshore wind foundations, inter-array cables, and export cable systems. It operates a fleet of purpose-built installation vessels and has established itself as one of the primary contractors for North Sea and European offshore wind developers.
Key Seaway7 projects include the Dogger Bank offshore wind farm in the UK — the world’s largest offshore wind project — where Seaway7 is performing foundation and cable installation work, and the Seagreen offshore wind farm off the coast of Scotland. The Renewables segment has moved from a loss-making position in 2023 to profitability in 2025 as the offshore wind market has matured and contract pricing has improved following the repricing difficulties that affected the sector in 2022-2023. The LNG and offshore infrastructure build-out that provides context for Seaway7’s market is covered in our analysis of the 2026 LNG storage infrastructure surge.
2025 Financial Results and 2026 Outlook
Subsea7’s 2025 full-year adjusted EBITDA of $1.48 billion represents a margin of 21% — up from 16% in 2024 — driven by improved project pricing on recently awarded contracts, operational leverage as revenue grew, and the return to profitability in Renewables. Free cash flow of $1.2 billion in 2025 resulted in a net cash position of $21 million at year end, a $622 million improvement from the prior year. The board declared a dividend of NOK 13.00 per share — approximately $400 million — payable in May 2026.
For 2026, Subsea7 has guided for revenue of $7.0-$7.4 billion with an adjusted EBITDA margin of approximately 22% — a further margin expansion on 2025 levels. The $13.8 billion backlog entering 2026, with $6.9 billion scheduled for execution in the current year, provides near-complete revenue coverage for 2026 guidance. The 2027 backlog of $4.3 billion is up 27% year-on-year, signalling that commercial momentum extends well beyond the current year. For context on how Subsea7’s offshore construction capabilities compare to its primary competitor, see our profile of Aker Solutions and its SLB OneSubsea joint venture.
Subsea7 in the Competitive Offshore Market
Subsea7 competes primarily with Saipem, TechnipFMC, McDermott, and Allseas in subsea construction and pipelay, and with Van Oord, DEME, and Jan De Nul through Seaway7 in offshore wind installation. Its scale — the third or fourth largest offshore construction fleet globally depending on vessel class — and geographic reach give it competitive access to major contract opportunities across all offshore basins.
The company’s 36% EBITDA growth in 2025 reflects both the recovery of offshore spending from the 2020-2022 downturn and Subsea7’s own margin improvement programme. With 70%+ of 2025 new awards in Subsea and Conventional coming at improved pricing terms versus legacy backlog, the margin trajectory into 2026 and 2027 is structurally supported. The broader EPC competitive landscape is covered in our roundup of the top engineering and construction companies driving Europe’s energy transition.
Subsea7 Company Snapshot
| Headquarters | Luxembourg (operational centres: London, Paris, Stavanger, Aberdeen) |
|---|---|
| Stock Exchange | Oslo Stock Exchange (SUBC); Seaway7 separately listed |
| 2025 Revenue | $7.1 billion |
| 2025 Adjusted EBITDA | $1.48 billion (21% margin) |
| Backlog (Dec 2025) | $13.8 billion ($6.9bn for 2026 execution) |
| 2026 Revenue Guidance | $7.0–$7.4 billion |
| 2026 EBITDA Margin Guidance | ~22% |
| Free Cash Flow (2025) | $1.2 billion |
| Employees | ~12,000 |
| Key Segments | Subsea and Conventional; Renewables (Seaway7) |
| Key Clients | Equinor, Aker BP, Shell, BP, TotalEnergies, Ørsted |
What does Subsea7 do?
Subsea7 is an offshore engineering and construction company specialising in subsea oil and gas infrastructure and offshore wind installation. Its core activities include SURF (subsea umbilicals, risers, and flowlines) installation, offshore pipeline construction, subsea structure installation, and offshore wind foundation and cable installation through its Seaway7 subsidiary.
What were Subsea7’s 2025 financial results?
Subsea7 reported revenue of $7.1 billion in 2025, with adjusted EBITDA of $1.48 billion at a 21% margin — a 36% year-on-year improvement. Free cash flow was $1.2 billion, resulting in a net cash position of $21 million at year end. The company closed 2025 with a record backlog of $13.8 billion, providing strong visibility for 2026 and 2027.
What is Seaway7 and how does it relate to Subsea7?
Seaway7 is Subsea7’s offshore renewables subsidiary, separately listed on the Oslo Stock Exchange. It focuses on the installation of offshore wind foundations, inter-array cables, and export cable systems. Key projects include work on the Dogger Bank offshore wind farm — the world’s largest — and the Seagreen offshore wind farm in Scotland. Seaway7 returned to profitability in 2025 after pricing difficulties in the sector in 2022-2023.
What is Subsea7’s backlog and 2026 outlook?
Subsea7 entered 2026 with a record backlog of $13.8 billion, of which $6.9 billion is scheduled for execution in 2026. The company has guided for 2026 revenue of $7.0-$7.4 billion with an adjusted EBITDA margin of approximately 22% — a further improvement on 2025’s 21%. The 2027 backlog of $4.3 billion is up 27% year-on-year.
Where does Subsea7 operate?
Subsea7 operates in over 30 countries with approximately 12,000 employees. Its primary markets are the Norwegian Continental Shelf, UK North Sea, deepwater Brazil, West Africa, and the Middle East for oil and gas subsea work, and Northwest Europe for offshore wind installation through Seaway7.