Report
Baptiste Lebacq

Subsea 7 : Positioning in offshore wind supported by the backlog

>Buy recommendation maintained, target price of NOK 75 - These results beat forecasts, despite including new exceptional items. One of the group’s strengths is its exposure to renewables, where clients seem less affected than those in the oil sector. Proof of this success is the fact that around 31% of the order backlog is in offshore wind! We reiterate our Buy recommendation on the stock (target price of NOK 75).Conference call at 1pm.Adjusted EBITD...
Underlying
Subsea 7 S.A.

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.

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Baptiste Lebacq

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