Subsea logged a first-quarter revenue of $1.9 billion, a decrease of 5.5 percent from the fourth quarter, the company said. Year-over-year revenue jumped 11.6 percent. The sequential decline resulted from decreased activity in Africa, the North Sea, and the Gulf of America, along with a drop in services activity attributed to normal offshore seasonality. This was somewhat balanced by an increase in project activity in Asia-Pacific and Brazil, the company said.
