FINWIRES · TerminalLIVE
FINWIRES

Subsea 7 Backlog Grows as H1 Order Intake Climbs

By

Energy service provider Subsea 7 said Thursday its backlog as of June 30 rose to $13.65 billion from the prior year's $11.82 billion, as H1 order intake grew year over year to $3.48 billion from $3.37 billion.

The current backlog includes $3.87 billion for execution in 2026 and $5.66 billion for delivery in 2027, reflecting "high revenue visibility" and "confidence in the longer-term outlook," the company said.

Higher order intake in H1 supported backlog growth, with new project awards amounting to $2.70 billion, up from $2.43 billion a year ago.

In Q2, however, order intake moderated year over year to $2.10 billion from $2.49 billion.

Subsea 7 noted that its subsea and conventional business unit and its renewables segment recorded revenue growth in Q2.

The subsea and conventional business unit, which provides subsea oil and gas system services, generated $1.55 billion in revenue during the quarter. This is higher than the $1.42 billion revenue posted a year earlier.

The company said it advanced several projects in Saudi Arabia, Norway, Turkey, and the US during the period.

The renewables segment, which is mainly involved in wind farm activities, also recorded a year-over-year rise in Q2 revenue to $349.6 million from $306.8 million. The company's projects in Poland and the UK have progressed, while its Hai Long project in Taiwan is already nearing completion.

Subsea 7 also said that the completion of its proposed merger with Saipem, which is expected to create a "strong and prominent global competitor in energy services," remains on track.

Related Articles

Commodities

US Natural Gas Update: Futures Extend Gains Ahead of Storage Data

US natural gas futures extended earlier gains in after-hours trading Wednesday, rebounding from a three-month low on the final trading day for the August Nymex contract.The September 2026 contract and the continuous contract each rose by 1.15% to $2.732 per million British thermal units. The August contract expired at $2.725/MMBtu, up 2.4%.Natural gas prices had been under pressure over the past week after weather models shifted to show cooler conditions across the Midwest and East Coast in the near term, reducing expectations for power-sector demand from air conditioning, Barchart said.The Commodity Weather Group said Wednesday that forecasts call for normal to below-normal temperatures across the central and eastern US through Aug. 7.US lower-48 dry gas production remained strong at 112.1 Bcf/d on Wednesday, down 0.2 Bcf/d from the previous day but up 3.9% from a year earlier, according to estimates. Lower-48 state gas demand was 82.2 Bcf/d, down 1.8 Bcf/d from Tuesday and 7.2% below year-ago levels.Estimated net gas flows to US LNG export terminals were 18.1 Bcf/d on Wednesday for the third consecutive day, up 2.0% from the previous week. Feedgas flows remained below full capacity due to maintenance at Freeport LNG, which is expected to continue through the end of August.With supply and demand conditions largely stable, market focus is shifting to Thursday's US Energy Information Administration storage report. The report covering the week ended July 24 is expected to show a storage build of 34 Bcf to 38 Bcf, well above the five-year average increase of 26 Bcf.If the build reaches 38 Bcf, the surplus compared with the five-year average would widen to 195 Bcf from 183 Bcf in the previous week.

Commodities

Antero Midstream Reports Record Q2 Gathering Volumes

Antero Midstream (AM) reported Q2 earnings Wednesday, showing record gathering volumes of 375,249 million cubic feet, up from 314,826 MMcf a year earlier.Average gathering volumes increased to 4,124 MMcf/d for the quarter ended June 30, up from 3,460 MMcf/d.Compression volumes totaled 367,280 MMcf during the quarter, up from 313,706 MMcf a year earlier. Average compression volumes rose to 4,036 MMcf/d from 3,447 MMcf/d in the year-ago quarter.Centralized compression volumes declined to 299,283 MMcf, or 3,289 MMcf/d, from 313,706 MMcf, or 3,447 MMcf/d, according to the company.High-pressure gathering volumes declined to 271,748 MMcf, or 2,986 MMcf/d, from 293,146 MMcf, or 3,221 MMcf/d, for the same quarter last year, Antero Midstream said.Fresh water delivery volumes totaled 7.479 million barrels during the quarter, down from 8.941 million barrels a year earlier. Average fresh water delivery volumes declined to 82 MBbl/d from 98 MBbl/d.Other water handling volumes increased to 12.38 million barrels, or 136 MBbl/d, during the quarter from 5.33 million barrels, or 59 MBbl/d, a year earlier, the company added.Antero Midstream connected 26 wells to its gathering system during the quarter. The company also serviced 21 wells through its fresh water delivery system, up from 11 wells a year earlier.Joint venture processing volumes totaled 151,217 MMcf, or 1,662 MMcf/d, compared with 153,560 MMcf, or 1,687 MMcf/d, a year earlier. Fractionation volumes held steady at 3,640 million barrels for the quarter.Antero Midstream began construction of the East Side Express during the quarter, its first dry gas regional connectivity project. The pipeline will expand deliveries to regional and long-haul pipelines while improving access to growing local demand, the company said.

$AM
Commodities

Antero Resources Reports Record Q2 Production, Raises Full-Year 2026 Output Guidance

Antero Resources (AR) reported Q2 earnings Wednesday, posting record net production of 4.14 billion cubic feet equivalent per day, up 21% from 3.43 Bcfe/d a year earlier.Natural gas production totaled 259 Bcf for the quarter ended June 30, up from 203 Bcf a year earlier. Average daily natural gas production was 2.85 Bcf/d.C3+ natural gas liquids production totaled 11.02 million barrels for the quarter, up from 10.61 million barrels a year earlier. Average daily C3+ natural gas liquids production was 121,132 bbl/d for Q2 2026.C2 ethane production totaled 7.90 million barrels for the quarter, up from 6.92 million barrels a year earlier. Average daily C2 ethane production was 86,769 bbl/d.Antero raised its full-year 2026 production guidance to 4.15 Bcfe/d to 4.20 Bcfe/d and expects Q3 production of 4.25 Bcfe/d to 4.30 Bcfe/d. The company expects Q4 production of 4.40 Bcfe/d to 4.50 Bcfe/d.The company expanded its Marcellus footprint in July by acquiring properties for about $315 million. The assets add roughly 125 MMcfe/d of net production and 15 net drilling locations, according to Antero.

$AR