A troublesome wind turbine installation vessel continues to drag on Subsea 7’s earnings, plunging the offshore player into the red even as the company expects a strong 2024.
The Oslo-listed, Kristian Siem-backed company posted an $11m loss for the fourth quarter of 2023 as it took a $73m impairment charge stemming in part from a contractual dispute over damage to the 50,300-dwt semi-submersible Seaway Alfa Lift (built 2023).
