Subsea 7 profits rise as North Sea projects slip

Martyn Wingrove - Wednesday 3 February 2010

NORWEGIAN offshore shipowner Subsea 7 beat analyst expectations with a 13% rise in profits to $64.5m in the fourth quarter of last year, but warned of a downturn in demand in 2012, writes Martyn Wingrove .

The Oslo-listed owner of subsea construction ships reported an improvement in profits for the last three months of last year despite an 8% fall...