Subsea 7 reports ‘strong’ second quarter

WESTHILL-based Subsea 7 reported a “strong” second quarter yesterday and said its integration with former rival Acergy was on track.

As it announced revenue of £795million for the second three months of 2011, up from £355million in the same period in 2010 before the merger, the company said it continued to see growth opportunities in all its major markets. It said the North Sea was seeing increased tendering and contracts at better margins than last year.

West Africa and Brazil were also buoyant, however, Asia-Pacific remained competitive. It said that despite more drilling permits awarded after the 2010 Macondo incident in the Gulf of Mexico there had not been a significant increase in activity for major projects.

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