Subsea 7 : A vehicle to play the acceleration in offshore
>Outperform rating maintained: play the offshore acceleration - Following the Q2 2023 earnings release and the conference call, we have lowered our 2023-2025 EBITDA estimates by 6% and more substantially adjusted our EPS estimates in view of the bigger than-expected tax impact and weaker deleveraging capacity. The group is, in our view, well positioned to surf the upcoming acceleration in capex in the offshore segment (we forecast average annual market growth of over ...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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