Offshore construction outfit Subsea 7 reported Tuesday that its second-quarter profit was only slightly lower than in the heady days of industry overdrive in 2008.

The company said booming Brazilian activity helped push net profit up to $82.2 million on revenues that accrued to $637 million, almost $40 million more than for the same span last year.

The company plans to feed to the Brazil and Gulf of Mexico pipelaying and umbilical markets with a just-completed spool base at Port Isabel Texas.

In Norway, a key high-capital market, three offshore construction vessels were put to work on StatoilHydro's Vega project tie-ins and cable-laying. Among the giant projects, pPipelines for Vega and the oil company's Troll O2 were being built, while engineering and supply chain purchases continue for BP's Skarv development and Valhall re-development.

"The medium to long-term outlook for the subsea market continues to remain strong," a statement by company chief exec Mel Fitzgerald said. But he alsos said oil companies were delaying project awards, a new habit, and it was putting pressure on profits.

Tags: Subsea 7