Subsea 7 saw its second quarter net operating profit slip to US $93.8m, compared to $117.8m in the same period last year. The fall came on the back of a reduction in rev- enue to $519.9m from $637.2m last time. Subsea 7 said the reduced revenue was mainly due to reduced activity levels in Brazil in the sec- ond quarter of 2010, compared to the same period in 2009 during which Shell’s BC-10 project was in its offshore phase. There were also lower activity levels in Africa.
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