Subsea 7 expects no recovery until 2020
The bottom line continues to dwindle at offshore company Subsea 7 in a third quarter characterized by low prices and fewer completed projects. Although the number of new orders in the market continues to rise, the company does not expect improved results before 2020.
by SIMON VALEUR
A large part of Luxembourg-based Subsea 7's fleet was utilized in the third quarter of this year, however, it was not enough to compensate for lowered contract pricing and diminished activity in renewable energy and heavy lifting.
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