Subsea 7 S.A. has won a couple of contracts in Saudi Arabia and Taiwan.
The company said it was awarded a “major” project under a long-term agreement with Aramco for services related to certain facilities offshore Saudi Arabia.
The contract scope includes the engineering, procurement, construction, and installation (EPCI) of 66 miles (106 kilometers) of infield and export pipelines, modification to existing topsides, and associated hook-up activities, Subsea7 said in a news release.
Subsea7 said it defines a major contract as having a value between $750 million and $1.25 billion.
Project management and engineering work will start immediately at Subsea7’s offices in Saudi Arabia and the United Arab Emirates, with offshore activities scheduled for 2027 and 2028, according to the release.
David Bertin, senior vice president at Subsea7, said, “This project marks another important milestone and reinforces our long-term strategic engagement with Aramco. We look forward to working closely with the client to deliver this project safely, efficiently, and to the highest standards”.
Further, Subsea7 said that Seaway7, part of the Subsea7 Group, won a “substantial” contract from Synera Renewable Energy (SRE) for the transport and installation of inter-array cables for the Formosa 4 Wind Farm in Taiwan.
Subsea7 said it defines a substantial contract as being between $150 million and $300 million.
The 495-megawatt (MW) Formosa 4 offshore site is located approximately 12 miles (20 kilometers) off the coast of Miaoli County, Taiwan, and will consist of 35 wind turbine generators, the company said.
Seaway7 said its scope of work includes the transport and installation of 35 inter-array cables with offshore works expected to start in 2028.
Seaway7 said it has also been selected as the preferred contractor for the cable installation scope on SRE’s Formosa 6 project, comprising the transport and installation of 57 inter-array cables, with contract finalization expected in 2026.
Stuart Fitzgerald, Seaway7’s CEO, said, “We are looking forward to supporting SRE on the Formosa 4 project and being able to continue contributing to the Taiwanese offshore wind targets with our 7th contract award since entering the Taiwanese market in 2019”.
In its most recent earnings release, Subsea7 reiterated its financial guidance for 2025, expecting revenue of between $6.8 billion and $7.2 billion and adjusted EBITDA margin to be within the range of 18 percent to 20 percent.
Based on its backlog of contracts and the prospects, the company said it expect margins to exceed 20 percent in 2026.
Subsea7 CEO John Evans said, “Subsea7 delivered strong growth in profitability in the second quarter of 2025 driven by the solid execution of our portfolio of projects in both Subsea and Conventional, and Renewables. The group’s adjusted EBITDA margin increased 370 bps year-on-year to 20.5% in the quarter, putting us on track to achieve our full year guidance and deliver over 20% growth in EBITDA in 2025 compared with 2024”.
“During the [second] quarter we replenished the backlog with high-quality orders of $2.5 billion, equivalent to 1.4 times book-to-bill, demonstrating the resilience of our strategy that is focused on long-cycle subsea markets with advantaged economics, alongside a selective approach to offshore wind. In subsea, tendering activity remains high, with a balance of greenfield and tie-back prospects for a diverse range of clients and geographies. In the renewables industry, near-term momentum is dependent on [the] progress of the UK CFD allocation round, but offshore wind remains a long-term structural growth market and we are confident that our selective approach to bidding leaves us well-placed to deliver profitable growth,” Evans added.
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