Revenue fell by 37 percent in the first quarter compared with last year. Nevertheless, margins were significantly better for the company.
The report Subsea 7 in quarterly which was announced Thursday.
Revenues for the first quarter of 2016 totaled $ 746 million, while the company tapping into 1.18 million in the same quarter last year.
It gave a net income of $ 147 million in the first quarter, compared with the 2015 loss in the same period of $ 151 million. Operating profit was $ 194 million, against $ 176 million the year before.
Despite lower revenues, margins of 38 percent significantly better than in 2015, Subsea 7 and thinks it partly due to cost-cutting measures that were introduced in 2015.
low activity also provided a low fleet utilization of 55 percent for the entire fleet.
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