Subsea 7 has posted stable profit in the first quarter thanks to its focus on costs.
The Kristian Siem-chaired offshore operator said net earnings to 31 March were $146.3m, down slightly from $146.5m in 2016. Revenue rose to $897m from $746m.
The company said: "Industry conditions remained challenging, but tendering activity is improving."
It highlighted strong operational performance and continued cost discipline during the period.
