Subsea 7 reported fourth-quarter adjusted EBITDA of $477 million, a 51% jump from the prior year, as the offshore energy contractor delivered stronger-than-expected financial results ahead of its planned merger with Saipem. Revenue rose 5% to $1.96 billion in the quarter, with full-year free cash flow nearly doubling analyst expectations at $1.2 billion.

For 2025, adjusted EBITDA climbed 36% to $1.48 billion, with margins improving to 21% from 16% in 2024. The board proposed a dividend of NOK 13 per share, exceeding consensus expectations of NOK 10, payable in May 2026 before the Saipem merger closes. Net income of $148 million missed estimates due to $50 million in foreign exchange losses.

Backlog grew 27% to $13.8 billion, with $6.9 billion scheduled for 2026 execution. Key projects secured in the quarter included Sakarya Phase 2, Dogger Bank C, and East Anglia THREE. Management reaffirmed 2026 guidance targeting $7.0-7.4 billion in revenue and approximately 22% EBITDA margins, with capital expenditure of $350-380 million.