Long-Anticipated Decline in Financial Results Plays Out in 4Q Results for Subsea 7
Subsea 7 saw fourth-quarter revenue decline 6% sequentially and adjusted operating income drop sharply to 9% from 14% in the third quarter (compared with the 25% averaged in 2016). While a portion of the drop reflects transitory costs associated with the Beatrice offshore wind project, which weighed on renewables and heavy lifting segment results, the bulk of the decrease reflects persistent factors that will continue to weigh on the company’s results over the next year. For now, our fair value ...
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