Subsea 7 S.A. Announces Third Quarter 2025 Results

Luxembourg – 20 November 2025 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY, ISIN: LU0075646355, the Company) announced today results of Subsea7 Group (the Group, Subsea7) for the third quarter which ended 30 September 2025.

Highlights 

• Third quarter Adjusted EBITDA of $407 million, up 27% on the prior year period, equating to a margin of 22%
• Solid operational and financial performance from both Subsea and Conventional and Renewables, with Adjusted EBITDA margins of 24% and 17%, respectively
• Full year 2025 revenue is expected to be in a range between $6.9 and 7.1 billion while margins are expected to be between 20 and 21%
• Record high, quality backlog of $13.9 billion including $6.0 billion for execution in 2026 and $3.8 billion in 2027
• Based on our firm backlog of contracts for execution in 2026, we expect revenue within a range of $7.0 to 7.4 billion, while our Adjusted EBITDA margin is expected to be approximately 22%
• Strong balance sheet, with net debt including lease liabilities of $505 million, equating to 0.4 times the Adjusted EBITDA generated in the last four quarters

	Third Quarter		Nine Months Ended
For the period (in $ millions, except Adjusted EBITDA margin and per share data)	Q3 2025 Unaudited	Q3 2024 Unaudited	30 Sep 2025 Unaudited	30 Sep 2024 Unaudited
Revenue	1,840	1,834	5,125	4,968
Adjusted EBITDA(a)	407	321	1,003	775
Adjusted EBITDA margin(a)	22%	18%	20%	16%
Net operating income	232	163	495	319
Net income	109	98	257	190
Earnings per share – in $ per share
Basic	0.38	0.31	0.90	0.60
Diluted(b)	0.38	0.31	0.89	0.60
At (in $ millions)			30 Sep 2025 Unaudited	30 June 2025 Unaudited
Backlog(a)			13,911	11,823
Book-to-bill ratio(a)			2.1x	1.4x
Cash and cash equivalents			546	413
Borrowings			(629)	(661)
Net debt excluding lease liabilities(a)			(83)	(247)
Net debt including lease liabilities(a)			(505)	(695)

(a) For explanations and reconciliations of Adjusted EBITDA, Adjusted EBITDA margin, Backlog, Book-to-bill ratio and Net debt refer to the ‘Alternative Performance Measures’ section of the Condensed Consolidated Financial Statements.

(b) For the explanation and a reconciliation of diluted earnings per share refer to Note 7 ‘Earnings per share’ to the Condensed Consolidated Financial Statements.

John Evans, Chief Executive Officer, said:

Subsea7 delivered 27% growth in Adjusted EBITDA in the third quarter of 2025 driven by a strong performance in Subsea and Conventional and Renewables. Group revenue remained at a high level while our Adjusted EBITDA margin increased by more than
460 bps year-on-year. This was the result of both solid execution, particularly in Subsea and Conventional, as well as the continued mix-shift of our backlog towards contracts with a more favourable risk-reward balance.

The resilience of our strategy – focused on long-cycle energy projects with advantaged economics – was demonstrated in the third quarter with order intake of $3.8 billion representing a book-to-bill of over 2 times, equating to a book-to-bill of 1.4 times for the first nine months of 2025. The award in August of a third subsea scope for the Sakarya gas development in Türkiye was a strong endorsement of the ability of our 3,000 engineers and project managers, as well as our experienced offshore crews, to leverage our differentiated solutions to create value for clients.

We expect the positive momentum in our business to continue supported by a record backlog approaching $14 billion as well as active tendering on a strong portfolio of future opportunities.

Third quarter project review
Within Subsea and Conventional, our vessels remained busy across the world, achieving a high level of utilisation. Seven Vega spent the majority of the quarter in Norway, installing pipe-in-pipe at Yggdrasil. Seven Oceans, Seven Navica and Seven Arctic were also active in Norway, at Irpa and Øst Frigg. In addition, in September, Seven Navica worked at Murlach and Bittern-Belinda in the UK. Seven Borealis and Seven Pacific continued working in Angola. In the third quarter, the second of our four pipelay support vessels (PLSVs) in Brazil – Seven Waves – commenced a new three-year contract for Petrobras, following the award in 2024. The final two PLSVs have rolled onto new contracts during the fourth quarter.

In Renewables, we delivered a robust financial result despite challenging market conditions. Seaway Strashnov successfully completed the installation of all 87 monopiles at Dogger Bank C in the UK, while Seaway Alfa Lift made good progress adding transition pieces. After a yard stay for a crane repair, Seaway Ventus continued work at the East Anglia THREE project in the UK. In August, Seaway Aimery transited to the US where, after 20 days on standby pending the lifting of a stop-work order, it began laying cables at the Revolution project.

Third quarter financial review
Revenue was $1.8 billion, in line with the prior year period. Adjusted EBITDA of $407 million equated to a margin of 22%, up from 18% in Q3 2024. After depreciation and amortisation of $175 million, net operating income was $232 million, equating to a margin of 13%, up from 9% in the prior year period. After net foreign exchange losses of $38 million, net finance costs of $12 million and taxation of $73 million, net income was $109 million.

Net cash generated from operating activities in the third quarter was $283 million, including a $82 million unfavourable movement in net working capital. Net cash used in investing activities was $34 million mainly related to purchases of property, plant and equipment, while net cash used in financing activities was $123 million including lease payments of $79 million. During the quarter, cash and cash equivalents increased by $132 million to $546 million and, at 30 September 2025, net debt was $505 million, including lease liabilities of $421 million. This represents a significant improvement both sequentially, from $695 million in Q2 2025, and year-on-year, from $857 million in Q3 2024.

Third quarter order intake was $3.8 billion comprising new awards of $3.3 billion and escalations of $0.5 billion resulting in a book-to-bill ratio of 2.1 times. Backlog at the end of September was $13.9 billion, of which $2.0 billion is expected to be executed in the remainder of 2025, $6.0 billion in 2026 and $5.9 billion in 2027 and beyond.

Guidance

We anticipate that revenue in 2025 will be between $6.9 and 7.1 billion, while our Adjusted EBITDA margin is expected to be within a range from 20 to 21%.

Based on our firm backlog of contracts for execution in 2026, we expect revenue to be within a range of $7.0 to 7.4 billion, while our Adjusted EBITDA margin is expected to be approximately 22%.

Conference Call Information
Date: 20 November 2025
Time: 12:00 UK Time, 13:00 CET
Access the webcast at subsea7.com or https://edge.media-server.com/mmc/p/8qhn7ef3/
Register to dial-inhttps://register-conf.media-server.com/register/BI0e0631b7e1de4c3eaf839db3bd00a6b6

For further information please contact:
Katherine Tonks
Head of Investor Relations
+44-20-8210-5568
ir@subsea7.com

Special Note Regarding Forward-Looking Statements

This document may contain ‘forward-looking statements’ (within the meaning of the safe harbour provisions of the U.S. Private Securities Litigation Reform Act of 1995). These statements relate to our current expectations, beliefs, intentions, assumptions or strategies regarding the future and are subject to known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements may be identified by the use of words such as ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘future’, ‘goal’, ‘intend’, ‘likely’, ‘may’, ‘plan’, ‘project’, ‘seek’, ‘should’, ‘strategy’, ‘will’, and similar expressions. The principal risks which could affect future operations of the Group are described in the ‘Risk Management’ section of the Group’s Annual Report. Factors that may cause actual and future results and trends to differ materially from our forward-looking statements include (but are not limited to): (i) our ability to deliver fixed-price projects in accordance with client expectations and within the parameters of our bids, and to avoid cost overruns; (ii) our ability to collect receivables, negotiate variation orders and collect the related revenue; (iii) our ability to recover costs on significant projects; (iv) capital expenditure by oil and gas companies, which is affected by fluctuations in the price of, and demand for, crude oil and natural gas; (v) unanticipated delays or cancellation of projects included in our backlog; (vi) competition and price fluctuations in the markets and businesses in which we operate; (vii) the loss of, or deterioration in our relationship with, any significant clients; (viii) the outcome of legal proceedings or governmental inquiries; (ix) uncertainties inherent in operating internationally, including economic, political and social instability, boycotts or embargoes, labour unrest, changes in foreign governmental regulations, corruption and currency fluctuations; (x) the effects of a pandemic or epidemic or a natural disaster; (xi) liability to third parties for the failure of our joint venture partners to fulfil their obligations; (xii) changes in, or our failure to comply with, applicable laws and regulations (including regulatory measures addressing climate change); (xiii) operating hazards, including spills, environmental damage, personal or property damage and business interruptions caused by adverse weather; (xiv) equipment or mechanical failures, which could increase costs, impair revenue and result in penalties for failure to meet project completion requirements; (xv) the timely delivery of vessels on order and the timely completion of ship conversion programmes; (xvi) our ability to keep pace with technological changes and the impact of potential information technology, cyber security or data security breaches; (xvii) global availability at scale and commercial viability of suitable alternative vessel fuels; and, (xviii) the effectiveness of our disclosure controls and procedures and internal control over financial reporting. Many of these factors are beyond our ability to control or predict. Given these uncertainties, you should not place undue reliance on the forward-looking statements. Each forward-looking statement speaks only as of the date of this document. We undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act. This stock exchange release was published by Katherine Tonks, Investor Relations, Subsea7, on 20 November 2025 at 08:00 CET.

Attachments

• SUBC 3Q25 Earnings Release
• SUBC 3Q25 Presentation