Subsea 7 : “Start of price hikesâ€: light at the end of a very long tunnel
>Buy recommendation unchanged, target price NOK 145 - We maintain our Buy recommendation (target price NOKÂ 145) given the unique positioning on the offshore business where price hikes are now tangible (lag effect of 2/3 years on EBITDA). Subsea 7 should fully benefit from its unique positioning on this market segment. The track record during this passage from a (long) cycle trough has been very good and the business fit with a player such as Schlumberger (partner in t...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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