OSLO-LISTED upstream and offshore wind player Subsea 7 posted a surge in revenues for the first quarter, despite limited incoming contracts, and is optimistic about a recovery in its key oil and gas market. The contractor reported revenues of $996 million in the three months to the end of March, up from the $751 million taken in the same period last year. Although Subsea 7 only booked a net profit of $1 million in the most recent quarter, this was an improvement on the loss of $38 million taken in the first period of 2020. Chief executive John Evans described the revenues and earnings per share growth as "solid" year-on-year. "Although we experienced a relatively quiet quarter for announced new orders, the group's backlog remains robust at $6 billion and tendering activity for oil and gas projects has improved in certain regions of the world, with several contracts expected to be awarded to the industry in the coming months," said Evans.
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