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Our vision is to lead the way in the delivery of offshore projects and services for the energy industry.

In an evolving energy sector, we create sustainable value by being the industry’s partner and employer of choice in delivering the efficient offshore solutions the world needs.

2021 Financial Performance

 

$5bn

revenue Revenue

$521m

adjusted Adjusted EBITDA

$7.2bn

shake Backlog

$93m

back Dividends and share repurchases



Leadership Review

 

Chairman’s Statement

“Subsea 7 delivered an acceptable performance in 2021 that reflected the early stages of a recovery in the oil and gas industry and continued progress in the offshore wind sector, against a backdrop of challenges relating to the Covid-19 pandemic.”

- Kristian Siem, Chairman

Chief Executive Officer's Review

“Subsea 7 delivered a solid operational and financial performance in 2021 supported by improving oil and gas prices and enabled by work practices that have adapted to the ongoing challenges posed by the Covid-19 pandemic.”

- John Evans, Chief Executive Officer

Our Business Model

Full service across the field lifecycle

Creating better outcomes for our stakeholders

 

Our clients

clients Our collaborative way of working helps us to develop the best solutions for our clients’ needs. We are able to lower our clients’ costs by utilising our technology, our assets and efficient work processes. Our culture ensures good performance without
compromising safety.

Our shareholders

relationships We seek to create long-term value for our shareholders in all that we do. We have the right solutions to maintain a market-leading position. We have a disciplined approach to capital allocation and a commitment to good governance.

Our people

our-people Our people are the foundation of our business. Our experts, onshore and offshore, can deliver solutions around the world, leading the industry in know-how and the ability to innovate. We invest in our people, giving them opportunities to learn and grow.

Society

society We engage with the societies we work in. Through local partnerships we create and develop local content opportunities, and contribute to the communities in which we work. With Integrity as a Value we have a zero tolerance attitude towards non-compliant business practices.

Our Strategy

While 2021 was a challenging year for our operations, we continued to mature and develop our two-pronged strategy of Subsea Field of the Future – Systems and Delivery, and Energy Transition – Proactive Participation.

Our Business Units
Our Business Units

SUBSEA FIELD OF THE FUTURE – SYSTEMS AND DELIVERY

Subsea 7 is differentiated by our collaborative working relationships and our ability to develop creative solutions. We are taking this to the next level with our ambition for the subsea field of the future, which aims to create value by further improving our solutions and the way we deliver them.

Download our strategy

 

ENERGY TRANSITION – PROACTIVE PARTICIPATION

As global energy demand continues to grow, society is looking for cleaner and more sustainable sources to meet its needs. Subsea 7’s strategy is to be a proactive participant in the energy transition by assisting our clients in reducing the carbon footprint of their developments, by reducing our own emissions and by being a major contractor in the renewable energy market.

Download our strategy

 

Sustainability

Committed to operating in a safe, ethical and responsible manner

Corporate Responsibility
Corporate Responsibility

 

Our KPIs

0.12

safety-hat Lost-time incident frequency rate per 200,000 hours worked



535,642

co2 Tonnes of scope 1 CO2 emissions

7.5 GW

Windmill_Icon Cumulative power capacity of renewables projects supported to end of 2021

77%

Recycle_Icon % of waste reused or recycled from onshore owned sites

16

Enviromental-spill Litres of environmental spill per 200,000 hours worked

1.18

Evironmental-incident-frequency Environmental incident frequency rate per 200,000 hours worked



5,067

NO.-of-employees-compliance Number of employees completing compliance ethics e-learning including anti-corruption

86%

Supporting_Hands_Icon Percentage of suppliers with a contract that included human rights clauses

   

Nationality mix

 

Gender mix of the Executive Management Team
 

Gender mix Group-wide

 

Age


Annual Report 2021

Our latest Annual Report is available to download by section or in full.

Investor Relations

Information for Investors, including the latest financial results, reports, events and share price.