Strong Financial Performance
Revenue rose 34% to $5.4 billion from $4 billion in the same period last year. Net profit surged 301% to $144 million from $36 million a year ago, indicating significant improvement in financial performance.
Robust Order Book and Pipeline
Net order book stood at $18.6 billion, with $6.3 billion anchored in renewables and cleaner energy solutions. Over $30 billion of near-term pipeline opportunities exist in oil and gas and offshore wind markets.
Operational Milestones and Achievements
Successfully delivered two FPSO integration projects and completed 101 repairs and upgrades, including a world-first full-scale turnkey carbon capture and storage retrofit. Entered Japan's offshore wind market with a heavy lift vessel order.
Significant Margin Expansion
Gross margin widened significantly by 370 basis points to 7.4%, supported by a favorable mix of higher-margin projects and cost management. EBITDA increased by 31% to $407 million compared to $311 million in the first half of 2024.
Successful Debt Management
Net debt to EBITDA improved from 2.9x to 1x, while the cost of debt declined from 4.9% to 4.4%, reflecting disciplined financial management and a stronger balance sheet.