Subsea 7 Defies Oil Services Gloom Despite Brazilian Pain

But the firm's margins beat expectations in every region other than Brazil in the second quarter and its operations in the North Sea and Canada were especially impressive.

"We have achieved a record backlog of $10.4 billion, and with a further $2 billion of contract awards announced so far in the third quarter and tendering activity remaining high, we expect that this backlog will continue to grow," Chief Executive Jean Cahuzac said.

Despite constraints, the oil service industry remains on track for rapid growth as energy firms race to bring new fields into production.

Brokerage Pareto expects global exploration and production spending to rise 6 percent this year and 8 percent in 2014.

"Our view is that with low production growth, organic reserve replacement ratio below 100 percent, marginal cost per barrel at $90, coupled with relatively high and increasing oil prices, spending will continue higher in the foreseeable future," it said.

But the UK-based Subsea 7, which is listed in Norway is not completely out of the woods yet.

Although Guará-Lula has moved to the offshore construction phase, difficult weather continued to hamper the project, the firm added.