Kristian Siem’s Subsea 7 started the year off in the red but promises better days are ahead.

The Oslo-listed offshore construction vessel owner reported on Thursday a $29m loss for the first three months of 2023, but chief executive John Evans said the company was still on track to hit its full-year targets.

“The first quarter of 2023 unfolded as we expected and Subsea7 is on track to meet management’s guidance for the full year,” Evans said.