Subsea 7 expects its renewables division to deliver a growing share of profits and contracts after supporting the offshore contractor’s traditional business segment through a difficult year.
The Oslo-listed oil & gas player posted a full-year loss of more than $1bn in 2020 but, while conventional and subsea umbilicals, risers and flowlines revenues of $2.58bn were 19% lower than in 2019, renewables revenues grew almost threefold to $631m.
