Revising FVEs for TechnipFMC and Subsea 7 With Updated Subsea E&C Outlook
We have updated our view on three offshore oilfield-services companies: TechnipFMC, Subsea 7, and Saipem. Our TechnipFMC fair value estimate moves up to $32 (EUR 26) from $29 (EUR 25) per share, our Subsea 7 fair value moves increases to NOK 130 from NOK 127, and our Saipem fair value declines slightly, to EUR 3.25 from EUR 3.50. Additionally, for TechnipFMC, we are revising our moat rating to none from narrow, so that all three companies are now rated as no moat. Finally, we are lowering our un...Subsea 7 is a provider of seabed-to-surface engineering, construction and services contractor to the offshore energy industry. Co. provides products and services required for subsea field development, including project management, design and engineering, procurement, fabrication, survey, installation, and commissioning of production facilities on the seabed and the tie-back of these facilities to fixed or floating platforms or to the shore. Co. also provides products and capabilities to deliver full Life of Field services to its clients. Through its i-Tech Division, Co. provides remotely operated vehicles and tooling services to support exploration, production and drilling activities.
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