Subsea 7 has announced results of Subsea7 Group for the fourth quarter and full year which ended 3 1 December 202 5. Unless otherwise stated the comparative period is the full year which ended 31 December 2024.
Highlights
- Fourth quarter Adjusted EBITDA of $477 million, up more than 50% on the prior year period, equating to a margin of 24%. Strong performances in both Subsea and Conventional and Renewables, with margins of 26% and 20% respectively.
- Full year Adjusted EBITDA of $1,48 0 million, up 36% on the prior year, equating to a margin of 21%.
- Free cash flow generation in 2025 of $1.2 billion resulting in net cash of $21 million including lease liabilities of $365 million.
- Dividend of NOK 13.00 per share, equating to approximately $400 million and payable in one instalment in May 2026.
- High-quality backlog of $1 3.8 billion including $6.9 billion for execution in 2026, providing high revenue visibility on the next twelve months. A backlog of $4.3 billion for execution in 2027, up 27% compared with the prior year equivalent.
- Guidance for full year 2026 reaffirmed, with revenue expected to be within a range of $7.0 to 7.4 billion, with Adjusted EBITDA margin of approximately 22%.
John Evans, Chief Executive Officer, said:
Subsea7 delivered a strong performance in the final quarter of 2025, resulting in Adjusted EBITDA for the full year of $1.5 billion, up 36% on the prior year and driving free cash flow generation of $1.2 billion. We ended the year with a solid balance sheet, with net cash of $21 million, an improvement of $6 22 million from the prior year end .
Subsea and Conventional achieved its fifth consecutive year of growth with revenue rising by 5% to $5.8 billion in 2025 and an Adjusted EBITDA margin of 23%, up from 16% in 2024 . Our Renewables business also reported solid results marking a third year of progress, with growth in Adjusted EBITDA of 9% and a margin of 17%, up from 15% last year.
From the low levels of 2020 to the healthy state of the industry in 2025, Subsea7 has benefited from an upcycle in the deepwater market, alongside growth in offshore wind. Against this industry backdrop, our differentiated strategy has enabled us to win high-quality work, achieve optimal execution, and reinforce strong relationships with key clients. We closed the year with an order book approaching $14 billion of high-quality projects, providing excellent visibility on the years ahead and this, along with high tendering activity, support our confidence in the outlook for the Group.
Fourth quarter 2025 vessel utilisation
In the fourth quarter, our fleet remained busy with 89% utilisation of the Subsea and Conventional vessels and 84% utilisation of vessels within Renewables. Seven Vega transited to Türkiye and began installation of pipeline and production lines for the Sakarya Phase 2 project, while Seven Oceans transited to Brazil for Mero 4. Seven Navica completed rigid pipeline installation at Zephryus in the US, while Seven Arctic was active on the Cypre project in Trinidad and Tobago. Seven Borealis and Seven Pacific worked in Angola. Also during the quarter, the final two of four PLSVs commenced new three-year contracts for Petrobra s in Brazil.
In Renewables, Seaway Alfa Lift completed the installation of the last transition pieces at Dogger Bank C in the UK, while Seaway Ventus continued installing foundations at East Anglia THREE . In the US, Seaway Aimery completed cable lay at the Revolution project, while in Taiwan Seaway Phoenix continued cable lay at Hai Long and Seaway Strashnov underwent planned maintenance.
Fourth quarter 2025 financial review
Revenue was $ 2.0 billion, up 5% when compared with the prior year period. Adjusted EBITDA of $4 77 million equated to a margin of 24%, up from 1 7% in Q 4 2024. After depreciation , amortisation and impairment charges of $201 million, net operating income was $ 276 million, equating to 14% of revenue, up from 7% in the prior year period. After net foreign exchange losses of $ 50 million, net finance costs of $ 20 million and an effective tax rate of 28% , net income was $148 million.
Net cash generated from operating activities in the fourth quarter was $ 797 million, including a $ 420 million favourable movement in net working capital. Net cash used in investing activities was $ 30 million mainly related to purchases of property, plant and equipment, while net cash used in financing activities was $ 339 million including dividend payments of $192 million and lease payments of $ 77 million. During the quarter, cash and cash equivalents increased by $ 424 million to $970 million and, at 31 December 2025, net cash was $21 million, including lease liabilities of $ 365 million.
Fourth quarter order intake was $ 1.9 billion comprising new awards of $1.3 billion and escalations of $0. 6 billion resulting in a book -tobill ratio of 1.0 times. Backlog at the end of December was $13. 8 billion, of which $ 6.9 billion is expected to be executed in 2026, $ 4.3 billion in 2027 and $ 2.6 billion in 2028 and beyond.
Full year 2025 financial review
Revenue was $ 7.1 billion, up 4% from 2024 . Adjusted EBITDA of $ 1,480 million equated to a margin of 21%, up from 16% in 2024. After depreciation , amortisation and impairment charges of $710 million, net operating income was $ 771 million, equating to 11% of revenue, up from 7% in 2024 . After net foreign exchange losses of $84 million, net finance costs of $ 65 million and an effective tax rate of 35%, net income was $404 million.
Net cash generated from operating activities in the full year was $ 1,471 million, including a $ 234 million favourable movement in net working capital. Net cash used in investing activities was $ 214 million, including $ 281 million related to purchases of property, plant and equipment. Net cash used in financing activities was $ 874 million including dividend payments of $ 376 million and lease payments of $292 million. During the year, cash and cash equivalents increased by $ 394 million to $970 million.
At 31 December 2025, backlog was $13.8 billion. Full year order intake was $ 9.0 billion comprising new awards of $ 7.0 billion and escalations of $ 2.0 billion resulting in a book -to-bill ratio of 1.3 times.
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Source: Subsea 7
