Oslo-listed offshore contractor Subsea 7 expects its 2022 Ebitda margin to be about 6% even though its revenue guidance remains unchanged at “towards $1 billion” as it has had to contend with delays dues to bad weather and mechanical problems on renewable energy projects plus the fallout from the Covid pandemic.

Subsea 7 confirmed it has encountered reduced progress on the Hollandse Kust Zuid (HKZ) offshore wind farm project in the Netherlands primarily due to adverse weather conditions and mechanical breakdowns.