Offshore builder Subsea 7 said skies look clear for its segment of the oil and gas business, and the Norway-based outfit could post a fourth-quarter profit of $91 million, up 13 percent year-on-year despite some weakened markets.

The results came on the strength of $583.6 in revenues, or up $20 million over late 2007.

Company chairman Kristian Siem that apart for “uncertainty” in the medium term, “There has been no dramatic deterioration in the subsea market sector.” He said national oil companies and major operators were “generally maintaining spending levels”.

Siem pointed to Petrobras adding $40 billion to its spending forecast for the next five years. The Brazilian oil company plans over $100 billion in offshore spending.

He said it was the financial anguish of smaller operators forced to spend less that has left projects on the drawing board.

“This has particularly affected the U.K. sector of the North Sea and the Gulf of Mexico, where a number of tie-back projects have been postponed,” said Siem, adding that Norway was “stable”.

Tags: Subsea 7