The share price of Subsea 7 (SUBC) was up by nearly 10 per cent on the release of second-quarter figures that were impacted by a $300m (£194m) loss provision linked to the group's Guara-Lula NE project in Brazil.
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Despite a creditable 7 per cent rise in half-year revenues to $3.15bn, a marked contraction in Brazilian margins meant that cash profits came in at $380m, against $550m in the corresponding period last year. However, investors can take heart from the fact that the specialist seabed-to-surface engineer managed to increase its order backlog by a quarter to $10.4bn, and has already booked an additional $2bn of contracts through the third quarter.
