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Subsea Giant Sees 31% EBITDA Surge
31 Jul
Summary
- Q2 2026 revenue climbed 10% year-over-year to $1.9 billion.
- Adjusted EBITDA surged 31% to $471 million, with margins at 24%.
- Company raised its full-year 2026 adjusted EBITDA margin guidance.
The energy services firm announced robust financial results for the second quarter of 2026, ending July 30, 2026. Revenue reached $1.9 billion, a 10% increase from the previous year, with first-half revenue up 13% to $3.7 billion.
Adjusted EBITDA demonstrated substantial growth, climbing 31% year-on-year to $471 million. This performance resulted in an improved adjusted EBITDA margin of 24%, up from 21% in the prior year period.
The company's Subsea and Conventional segment contributed $1.5 billion in revenue, while its Renewables division generated $350 million. Both segments reported healthy adjusted EBITDA margins, with Renewables seeing a 20% margin.
Looking ahead, the firm revised its full-year 2026 adjusted EBITDA margin guidance upwards to approximately 24%. This optimistic outlook is underpinned by a record backlog of $13.6 billion and a strong tendering pipeline of $20 billion.
