Revenue from renewables and heavy lifting at Subsea 7 was down to $582m in the first nine months of the year, from $777m in 2017, mainly due to reduced activity on the 588MW Beatrice offshore wind farm off Scotland as the project nears completion.
The company said it has also incurred costs due to delays at the Borkum West 2.2 offshore wind farm caused by adverse weather conditions.
Net operating income in the sector also fell to $17m from $93m last year, reflecting the lower activity levels.
Subsea 7 chief executive Jean Cahuzac said the next wave of wind farm contracts are not expected to be awarded until next year.
Overall, the company's net income was $133m in the first three quarters of the year, down from $403m last year.
Revenue, however, grew to over $3.05bn from just under $2.99bn.
Source:renews
