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Beatrice wind farm work boosts revenues at Subsea 7

Piles being installed in the outer Moray Firth for the Beatrice wind farm
Piles being installed in the outer Moray Firth for the Beatrice wind farm

Energy service giant Subsea 7 said renewables contracts had helped the company lift its revenues in 2017.

The company, which recently announced its acquisition of a majority stake in Aberdeen-based Xodus Group, is working on the Beatrice wind farm project in the outer Moray Firth, which is slated for completion in 2019.

The final piles for the 84-turbine farm were installed at the end of last year.

The £2.6billion project will be capable of providing energy for 450,000 homes.

Revenues at Subsea 7’s renewables and heavy lifting unit soared by more than 400% to £700million 2017, thanks largely to its involvement in Beatrice.

Subsea 7 also worked on Dana Petroleum’s Western Isles project, which produced first oil in November.

And it said “significant progress” had been made on the Catcher and Culzean projects in the North Sea.

Premier Oil’s Catcher field came on stream in December.

Group revenues for 2017 totalled £2.89billion, up 12% year-on-year.

But pre-tax profits dropped 4% to £403million due to “lower offshore activity levels and reduced pricing on projects awarded during the downturn”.

However, Luxembourg-registered Subsea 7 said it had performed well during the oil sector downturn thanks to early action taken to reduce costs.

Subsea 7, which also has offices in Westhill, Aberdeenshire, said the oil and gas cycle was “gradually recovering from the very low levels of activity experienced in the last three years”.

Phil Simons, vice-president, North Sea and Canada at Subsea 7, said: “In 2017 North Sea and Canada performed well, delivering on safety, performance and schedule for our clients despite market challenges.

“We are committed to achieving the same again this year by building on the business improvement progress we’ve made, and by integrating new ways of working and innovation.”

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