Subsea 7 : The backlog has returned to the peak levels of 2014
>Outperform rating, target price of NOK 114 - Following the Q2 2022 results publication and the conference call, we have marginally adjusted our EBITDA forecast for 2022-2024, with the downward revision to 2022 EPS due mainly to a tax increase. We think that the group is well positioned to benefit from the recovery in oil and gas prices (via its positioning in the North Sea and a possible acceleration of investments in short-plateau projects) as well as a strateg...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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