Subsea 7 : Confirmation that 2019 will be the low point for profitability
>Buy rating maintained, TP of NOK 145. - We maintain our Buy rating on the stock to: 1/ play the acceleration in investment in the subsea segment (the only 100% offshore player in our sample); 2/ be positioned on the offshore wind farm market (double-digit growth in installed capacity); 3/ take advantage of the good fit with Schlumberger via Subsea Integration Alliance. Following the Q3 results, we have only marginally adjusted our EPS sequence (mainly at the level o...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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