-- Subsea 7, a UK-based offshore engineering and construction company, Thursday reported Q1 2026 subsea and conventional business revenue of $1.47 billion, up 17% year over year from $1.26 billion.
Net operating income rose to $228.1 million, from $98.7 million a year ago, which it attributed to improved project execution and stronger margins.
The total backlog towards the end of the quarter stood at $13.5 billion, with the Subsea and Conventional business making up the bulk of it.
Meanwhile, the renewables segment reported $282.1 million in revenue, up from $245.2 million, while posting an operating loss of $6.4 million.
The company reported strong fleet utilization rates during the quarter, at 78% for the subsea and conventional business, followed by 81% for renewables, bringing overall utilization to 79%, up from 75% a year earlier. It operated a total of 36 vessels towards the end of this quarter, including seven chartered vessels.