Subsea 7 : Surfing robust momentum
>Outperform rating (NOK 190 target price) - Following Subsea 7’s Q3 earnings and conference call, we have raised our 2024-2025 EBITDA forecasts by 2%. We think the group is well positioned to surf the upcoming acceleration in offshore capex (we see annual average market growth of over 15% for 2023-2025e) as well as capex in renewables in Europe to reduce dependence on Russian gas in the medium term. Following the Russia-Ukraine conflict, the energy security theme is ...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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