Annual Report 2025

Our vision

To make possible the global delivery of offshore energy for today and tomorrow.

Learn about our vision

Order intake

$9.0bn

2025

7.9 1.0

2024

6.6 1.4

Revenue

$7.1bn

2025

5.8 1.2

2024

5.5 1.2

Adjusted EBITDA

$1,480m

2025

1,305 202

2024

897 185

Subsea and Conventional Renewables

Excludes the Corporate business unit

Our world

Subsea7 creates sustainable value by delivering the offshore energy transition solutions the world needs.

Our strategy

We create sustainable value by delivering offshore energy transition solutions, building subsea infrastructure to move electrons and molecules.

Continuous evolution of lower-carbon oil and gas

We design and install subsea systems that leverage enabling products, digitalisation and lower-carbon-intensity solutions. We create value for our clients by accelerating field developments and optimising field economics.

Enabling the growth of renewables and emerging energy

We deliver projects in offshore wind and carbon capture and storage, and we integrate energy systems through electrification. We perform studies that support our long-term strategic positioning in floating wind and hydrogen.

Explore our strategy Download strategic report

How we make possible

Early engagement and system innovation
Collaboration and partnerships
Integrated services
Sustainable delivery
Digital solutions
Enabling-products

Our operations

Continued momentum across the globe

Backlog by project size at the time of award:

Chairman’s Statement

Subsea7 delivered strong results in 2025, with Group revenue of $7.1 billion, up 4% year-on-year, and Adjusted EBITDA of $1.5 billion, up 36%. The improvement in margin to 21% from 16% in the prior year was driven by both excellent operational performance in executing our portfolio of projects, and the continued shift in the composition of our backlog towards contracts won in a more favourable environment.

Kristian Siem, Chairman

Download Chairman's Statement View Board of Directors

Chief Executive Officer's Review

In 2025, Subsea7 delivered strong operational and financial performance with revenue of $7.1 billion and Adjusted EBITDA of $1.5 billion, a margin of 20.9%. While our exposure to predominately late-cycle sectors of the energy industry meant it took time to fully high-grade the backlog during this upturn, we closed the year with an order book approaching $14 billion of high-quality projects, providing excellent visibility on the years ahead.

John Evans, Chief Executive Officer

Download Chief Executive Officer's Review View Executive Management Team

Our business model

Delivering projects large and small across the energy lifecycle.
1,000+ projects successfully completed around the world.

Concept

Input at the concept phase allows for optimisation of later lifecycle stages.

Design

Robust front-end engineering and design (FEED) ensures accurate forecasting.

Engineer

Detailed engineering by experienced personnel delivers the best solution.

Procure and Fabricate

Efficient procurement and high-quality fabrication optimise costs.

Install and Commission

World-class vessels enable safe, on-schedule and cost-efficient installation.

Maintain

Effective and responsive maintenance reduces the cost of ownership.

Extend

New technologies extend the life of the field development and maximise the return on investment.

Decommission

Facilitation of abandonment, decommissioning and reuse of infrastructure.

Sustainability

Committed to operating in a safe and ethical manner

Subsea7 has a strong values-led culture and believes that operating in a safe, ethical and responsible manner is at the heart of creating sustainable value for all our stakeholders.

Here are some key figures from 2025 across all sustainability dimensions.

Learn more about our Sustainability Commitments Download Sustainability Statement

19.9 GW
Cumulative power capacity of renewables projects supported to end of 2025
0.06
Lost-time injury frequency rate per 200,000 hours worked
100%
Employees completing compliance and ethics e-learning including anti-corruption
102
GHG emissions intensity ratio (Scope 1 GHG tCO2e/$ millions revenue)
24%
Women in top management positions
90%
Percentage of suppliers with a contract that includes human rights clauses
100%
Purchased onshore electricity from renewable sources
98%
Employees completing cybersecurity e‑learning
0.7
Environmental incident frequency