Subsea 7 S.A. Announces First Quarter 2026 Results

Luxembourg – 30 April 2026 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY, ISIN: LU0075646355, the Company) announced today results of Subsea7 Group (the Group, Subsea7) for the first quarter which ended 31 March 2026.

Highlights

• First quarter Adjusted EBITDA of $385 million, up more than 60% on the prior year period, equating to a margin of 21%.
• Strong performances in both Subsea and Conventional and Renewables, with margins of 24% and 12%, respectively.
• High-quality backlog of $13.5 billion including $5.5 billion for execution in 2026, providing high revenue visibility. A backlog of $5.0 billion for execution in 2027, up 17% since year end.
• Balance sheet remains strong with net cash including lease liabilities of $198 million, compared with net cash including lease liabilities of $21 million at year end 2025. 
• Guidance for full year 2026 raised, with revenue now expected to be within a range of $7.4 to 7.8 billion, with Adjusted EBITDA margin of approximately 23%. 
  
  

			Three Months Ended
For the period (in $ millions, except Adjusted EBITDA margin and per share data)			31 Mar 2026 Unaudited	31 Mar 2025 Unaudited
Revenue			1,789	1,529
Adjusted EBITDA(a)			385	236
Adjusted EBITDA margin(a)			21%	15%
Net operating income			210	77
Net income			97	17
Earnings per share – in $ per share
Basic			0.34	0.06
Diluted(b)			0.34	0.06
At (in $ millions)			31 Mar 2026 Unaudited	31 Dec 2025 Unaudited
Backlog(a)			13,468	13,769
Book-to-bill ratio(a)			0.8x	1.0x
Cash and cash equivalents			1,074	970
Borrowings			(538)	(584)
Net cash excluding lease liabilities(a)			535	386
Net cash including lease liabilities(a)(c)			198	21

(a) For explanations and reconciliations of Adjusted EBITDA, Adjusted EBITDA margin, Backlog, Book-to-bill ratio and Net cash 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.

(c) Net cash including lease liabilities at 31 December 2025, is inclusive of $15.4 million of lease liabilities recognised within a disposal group classified as held for sale.

John Evans, Chief Executive Officer, said:
In my final quarterly report as CEO, I am pleased to share another strong financial and operational performance that serves as a solid foundation for growth in the year ahead. Adjusted EBITDA in the first quarter of 2026 was $385 million, up more than 60% year-on-year and equating to a margin of 21%, from 15% in the prior year period. Both our Subsea and Conventional and Renewables business units delivered robust results. The Group remained focused on optimising cash generation, resulting in an increase in net cash to $198 million, including lease liabilities of $337 million.

During my six-year tenure, the Group has executed a differentiated strategy across the energy landscape – one that has driven our backlog to all‑time highs, strengthened returns and enabled significant capital distributions to shareholders. Despite the geopolitical and macroeconomic uncertainty facing the world today, the outlook for Subsea7 – and, in future, Saipem7 – remains positive, supported by the attractive attributes of offshore energy. As I transition from my role as CEO and join the Board of Directors of Subsea 7 S.A., I do so with great confidence in the leadership team and in the Group’s ability to seize the opportunities that lie ahead.

First quarter 2026 operational review
In the first quarter, our fleet achieved 78% utilisation of Subsea and Conventional vessels and 81% utilisation of vessels within Renewables. Seven Vega and Seven Seas were active in Türkiye installing pipelines and umbilicals at the Sakarya Phase 2 project, while Seven Oceans worked in Brazil at Mero 4 and Búzios 8. Seven Arctic, Seven Atlantic and Seven Falcon were active on the Yggdrasil project in Norway, while Seven Navica prepared for pipelay at Bestla. Seven Borealis and Seven Pegasus completed the Vito waterflood project. In Renewables, Seaway Ventus installed foundations at East Anglia THREE, while Seaway Aimery and Seaway Moxie continued cable pull-in work. Seaway Strashnov, Seaway Phoenix and Seaway Alfa Lift underwent planned maintenance. Elsewhere, at Búzios 9 in Brazil, progress was made in the fabrication of rigid pipelines, while procurement continued for Búzios 11. In Türkiye, work started on engineering and procurement for the Goktepe extension to Sakarya Phase 3.

First quarter 2026 financial review
Revenue was $1.8 billion, up 17% when compared with the prior year period. Adjusted EBITDA of $385 million equated to a margin of 21%, up from 15% in Q1 2025. After depreciation and amortisation of $174 million, net operating income was $210 million, equating to 12% of revenue, up from 5% in the prior year period. After net foreign exchange losses of $67 million, net finance costs of $7 million and an effective tax rate of 28%, net income was $97 million.

Net cash generated from operating activities was $256 million, including an expected $54 million unfavourable movement in net working capital. Net cash used in investing activities was $31 million and mainly related to purchases of property, plant and equipment, while net cash used in financing activities was $128 million including lease payments of $64 million. Cash and cash equivalents increased by $104 million to $1,074 million and, at 31 March 2026, net cash was $198 million, including lease liabilities of $337 million.

First quarter order intake was $1.4 billion comprising new awards of $0.9 billion (including Aseng) and escalations of $0.5 billion (including Goktepe) resulting in a book-to-bill ratio of 0.8 times. Backlog at the end of March was $13.5 billion, of which $5.5 billion is expected to be executed in the remainder of 2026, $5.0 billion in 2027 and $3.0 billion in 2028 and beyond.

Annual General Meeting
As previously announced, at the Annual General Meeting on 12 May 2026, the Board of Directors will propose a dividend of NOK 13.00 per share, equating to approximately $400 million, payable on 28 May 2026.

Full year 2026 guidance
With a backlog of $5.5 billion for execution in 2026, we have high visibility on anticipated revenue this year which is expected to be between $7.4 and 7.8 billion (previously between $7.0 and $7.4 billion).   We anticipate an Adjusted EBITDA margin of approximately 23% (previously approximately 22%). Although we continue to expect a modest working capital outflow in the year, plans for capital expenditure remain unchanged at $350 to 380 million, supporting an outlook for strong cash generation.

While world economies are adjusting to the uncertain implications of the current geopolitical volatility, the conflict has refocused attention on the need for energy security. This, combined with our focus on the most economically advantaged sectors of the energy industry, support a positive long term dynamic within our markets. In the near term, our exposure to regional disruption is low, accounting for less than 10% of backlog in the Middle East with associated current activities focused on the engineering and procurement phases.

At a Group level, the outlook for Subsea7 remains robust supported by a high backlog and active tendering. Overall, we are confident that the fundamentals of the energy market, combined with our differentiated offering and our strong track record of delivery, continue to position Subsea7 for success.

Conference Call Information
Date: 30 April 2026         
Time: 11:00 UK Time, 12:00 CEST
Access the webcast at subsea7.com or https://edge.media-server.com/mmc/p/ww7yq65a/

Register to dial-inhttps://register-conf.media-server.com/register/BI61977f2584e84656ba03405a9cdccd34

For further information, please contact:

Katherine Tonks
Head of Investor Relations
Email: ir@subsea7.com
Telephone: +44 20 8210 5568

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.

Attachments

• SUBC 1Q26 Earnings Release
• SUBC 1Q26 Earnings Presentation