Revenues of UK-based Subsea 7, a subsea engineering, construction, and services company, from activity in Azerbaijan, stood at $58.3 million in 2019, as compared to $45.9 million in 2018, Report informs referring to the company’s website.
The company is engaged in inspection, repair, and maintenance (IRM), integrity management, drill rig support, production enhancement, and decommissioning support services.
i-Tech, a division of Subsea 7, is a global leader in the supply of ROV (remotely operated vehicles) services and intervention solutions in support of the offshore energy market.
With access to a portfolio of more than 3,500 tools, 91 ROVs, and five chartered vessels combined with extensive in-house expertise, i-Tech 7 offers fully integrated solutions throughout the life of a field.
Life of Field activities have steadily increased in 2019 with the North Sea and Azerbaijan strategic focus areas for the Group in the IRM segment.
Life of Field revenue for 2019 was $266 million, an increase of $20 million, or 8 percent compared to 2018. The increase in revenue was primarily driven by increased inspection, repair and maintenance activities, offshore Azerbaijan ($58.3 million), in the North Sea, and the Gulf of Mexico.
Net operating loss was $3 million for 2019 compared to a net operating loss of $12 million in 2018. The decrease in net operating loss reflected $12 million of impairment charges related to property, plant, and equipment, recognized in 2018 with no equivalent charge in 2019.
The company’s non-current assets excluding goodwill, derivative financial instruments, retirement benefit assets, and deferred tax assets amounted to $54.8 million.
