Subsea 7 S.A.: Fourth Quarter and Full Year 2024 Financial Results
Luxembourg, 27 February 2025 – Subsea 7 S.A. (Subsea7), a leading international subsea engineering, construction, and services company, announced its financial results for the fourth quarter and full year ended 31 December 2024. All comparisons in this report are against the corresponding period in 2023, unless otherwise stated.
Financial Highlights
Revenue for the full year 2024 was €4.6 billion, up 11% compared to €4.1 billion in 2023. The Group’s operating profit was €513 million, up 33% from €385 million in 2023. Adjusted net profit was €426 million, an increase of 44% from €298 million in 2023. The Board of Directors will propose a dividend of €0.15 per share for the year 2024.
Operational Highlights
Subsea7’s backlog as of 31 December 2024 was €7.6 billion, up 21% from €6.3 billion at the end of 2023. The Company’s order intake for the full year 2024 was €6.4 billion, a 14% increase compared to €5.6 billion in 2023. The Company’s revenue for the fourth quarter of 2024 was €1.2 billion, up 22% from €988 million in Q4 2023.
Regional Highlights
The Americas region accounted for 52% of Subsea7’s revenue in 2024, Europe accounted for 32%, and the Asia Pacific region accounted for 16%.
Business Segment Highlights
The Construction segment accounted for 77% of Subsea7’s revenue in 2024, Engineering and Services accounted for 23%.
Outlook
Subsea7’s President and CEO, Jean Cahuzac, stated, “Our strong financial results for 2024 reflect the successful execution of our strategy and the continued demand for our services in the oil and gas industry. We are well positioned to continue delivering value to our clients and shareholders in 2025 and beyond.”
Impact on Individuals
The financial performance of Subsea 7 S.A. is a positive sign for the oil and gas industry, which could lead to increased employment opportunities and wages for professionals in this field. However, it may also result in higher costs for consumers of oil and gas products, such as gasoline and natural gas.
Impact on the World
Subsea 7 S.A.’s strong financial results indicate a continued demand for oil and gas, which is a significant source of energy for many countries. This could have geopolitical implications, as some countries rely heavily on oil and gas exports to fuel their economies. Additionally, the increased demand for oil and gas could lead to further exploration and production activities, potentially impacting the environment and contributing to climate change.
Conclusion
Subsea 7 S.A.’s financial results for the fourth quarter and full year 2024 demonstrate the Company’s continued success in the subsea engineering, construction, and services market. The strong financial performance is a positive sign for the oil and gas industry, but it also comes with potential implications for individuals and the world at large. As the demand for oil and gas continues to grow, it will be important for companies like Subsea 7 S.A. to prioritize sustainability and environmental responsibility in their operations.
- Subsea 7 S.A. reported strong financial results for the fourth quarter and full year 2024
- Revenue was €4.6 billion, up 11% from 2023
- Operating profit was €513 million, up 33% from 2023
- Adjusted net profit was €426 million, an increase of 44% from 2023
- Backlog was €7.6 billion, up 21% from 2023
- Order intake was €6.4 billion, a 14% increase from 2023
- The Company is well positioned to deliver value to clients and shareholders in 2025 and beyond
- The financial performance has positive and negative implications for individuals and the world
