reports
Subsea7 awarded ‘super-major’ contract offshore Brazil
Subsea7 awarded ‘super-major’ contract offshore Brazil Luxembourg – 2 May 2025 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award of a super-major contract1 by Petrobras, after winning a competitive tender, for the development of the Búzios 11 field located approximately 180 kilometres off the coast of the state of Rio de Janeiro, Brazil, at 2,000 metres water depth in the pre-salt Santos basin. The contract scope includes engineering, procurement, fabrication, installation, and pre-commissioning of 112km rigid risers and flowlines system. Project management and engi...
- Jean Danjou
- Oliver Metzger
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
SOP SOPRA STERIA GROUP SA
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
RCO REMY COINTREAU SA
FLY SOCIETE FONCIERE LYONNAISE SA
TFI TELEVISION FRANCAISE 1 SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
ASY ASSYSTEM SA
WHA WERELDHAVE N.V.
SRP SRP GROUPE SA
BLND BRITISH LAND COMPANY PLC
NRG NRJ GROUP SA
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
EBRO EBRO FOODS SA
ENI ENI S.P.A.
XIOR XIOR STUDENT HOUSING N.V.
GN GN STORE NORD A/S
ICAD ICADE SA
REP REPSOL SA
BYG BIG YELLOW GROUP PLC
GLB GLANBIA PLC
COFB COFINIMMO SA
FIE FIELMANN AG
SOC SUBSEA 7 S.A.
AIXA AIXTRON SE
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
AALB AALBERTS N.V.
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
BP. BP P.L.C.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
BFSA BEFESA SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
FSNT FASHIONETTE AG
WDP WAREHOUSES DE PAUW SCA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
TE TECHNIP ENERGIES NV
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHEL SHELL PLC
ONE ONE UNITED PROPERTIES SA
SHUR SHURGARD SELF STORAGE LIMITED
R3NK RENK GROUP AG
LANV PRIMAVERA CAP ACQUISITION CORP
FERGR FERRARI GROUP PUBLIC LIMITED COMPANY
- Jean Danjou
- Oliver Metzger
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
SOP SOPRA STERIA GROUP SA
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
RCO REMY COINTREAU SA
FLY SOCIETE FONCIERE LYONNAISE SA
TFI TELEVISION FRANCAISE 1 SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
ASY ASSYSTEM SA
WHA WERELDHAVE N.V.
SRP SRP GROUPE SA
BLND BRITISH LAND COMPANY PLC
NRG NRJ GROUP SA
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
EBRO EBRO FOODS SA
ENI ENI S.P.A.
XIOR XIOR STUDENT HOUSING N.V.
GN GN STORE NORD A/S
ICAD ICADE SA
REP REPSOL SA
BYG BIG YELLOW GROUP PLC
GLB GLANBIA PLC
COFB COFINIMMO SA
FIE FIELMANN AG
SOC SUBSEA 7 S.A.
AIXA AIXTRON SE
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
BP. BP P.L.C.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
BFSA BEFESA SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
FSNT FASHIONETTE AG
WDP WAREHOUSES DE PAUW SCA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
TE TECHNIP ENERGIES NV
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHEL SHELL PLC
ONE ONE UNITED PROPERTIES SA
SHUR SHURGARD SELF STORAGE LIMITED
R3NK RENK GROUP AG
LANV PRIMAVERA CAP ACQUISITION CORP
FERGR FERRARI GROUP PUBLIC LIMITED COMPANY
- Baptiste Lebacq
- Martin Huseby Karlsen
Subsea 7 (Buy, TP: NOK205.00) - Progressing as planned
Subsea 7 reached Q1 EBITDA 2% above consensus and 20% above our estimate, while FCF was hurt by NWC, which is set to reverse later in 2025e. The guidance was reiterated and we have made limited estimate revisions; the existing backlog covers 86–47% of our 2025–2026e revenue. Management highlighted that tendering activity remains high and that the pipeline is sheltered from short-term oil price volatility, with the current oil price remaining well above break-even for projects in its pipeline. We...
- Baptiste Lebacq
TCM Group A/S: Storaktionærmeddelelse
TCM Group A/S: Storaktionærmeddelelse SELSKABSMEDDELELSE Nr. 206/2025 Tvis, 1. maj 2025 StoraktionærmeddelelseTCM Group A/S ("Selskabet") kan med henvisning til Kapitalmarkedslovens § 30 oplyse, at BofA Securities Europe SA har meddelt, at de pr. 28. april 2025 har ændret deres besiddelse af aktier og stemmerettigheder og andre finansielle instrumenter i henhold til Kapitalmarkedslovens § 39 stk. 2 i TCM Group A/S som følger: Aktiekapital og stemmerettighederBesiddelse i TCM Group A/S tidligereBesiddelse i TCM Group A/S pr. 28. april 2025Aktiekapital og stemmerettigheder knyttet til akti...
TCM Group A/S: Major shareholder announcement
TCM Group A/S: Major shareholder announcement COMPANY ANNOUNCEMENT No. 206/2025 Tvis, 1 May 2025 Major shareholder announcementWith reference to section 30 of the Danish Capital Markets Act, TCM Group A/S (the "Company") hereby announces that BofA Securities Europe SA has notified that, as of 28 April 2025, it has changed its holding of shares/voting rights and of other financial instruments acc. to section 39(2) of the Danish Capital Markets in TCM Group A/S as follows: Share capital and voting rightsHolding in TCM Group A/S previouslyHolding in TCM Group A/S as of 28 April 2025Share ca...
- ABGSC Oil & Oil Services Research
- Njål Kleiven
Subsea 7 S.A. Announces First Quarter 2025 Results
Subsea 7 S.A. Announces First Quarter 2025 Results Luxembourg – 30 April 2025 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY, ISIN: LU0075646355, the Company) announced today results of Subsea7 Group (the Group, Subsea7) for the first quarter which ended 31 March 2025. Highlights First quarter Adjusted EBITDA of $236 million, up 46% on the prior year, equating to a margin of 15%Strong operational and financial performance from both Subsea and Conventional and Renewables, with Adjusted EBITDA margins of 18% and 10% respectivelyGuidance for full year 2025 reaffirmed A high-quality backlog o...
TCM Group A/S: Storaktionærmeddelelse
TCM Group A/S: Storaktionærmeddelelse SELSKABSMEDDELELSE Nr. 205/2025 Tvis, 30. april 2025 Storaktionærmeddelelse TCM Group A/S ("Selskabet") kan med henvisning til Kapitalmarkedslovens § 30 oplyse, at BofA Securities Europe SA har meddelt, at de pr. 23. april 2025 har ændret deres besiddelse af aktier og stemmerettigheder og andre finansielle instrumenter i henhold til Kapitalmarkedslovens § 39 stk. 2 i TCM Group A/S som følger: Aktiekapital og stemmerettighederBesiddelse i TCM Group A/S tidligereBesiddelse i TCM Group A/S pr. 23. april 2025Aktiekapital og stemmerettigheder knyttet til...
TCM Group A/S: Major shareholder announcement
TCM Group A/S: Major shareholder announcement COMPANY ANNOUNCEMENT No. 205/2025 Tvis, 30 April 2025 Major shareholder announcementWith reference to section 30 of the Danish Capital Markets Act, TCM Group A/S (the "Company") hereby announces that BofA Securities Europe SA has notified that, as of 23 April 2025, it has changed its holding of shares/voting rights and of other financial instruments acc. to section 39(2) of the Danish Capital Markets in TCM Group A/S as follows: Share capital and voting rightsHolding in TCM Group A/S previouslyHolding in TCM Group A/S as of 23 April 2025Share...
Subsea7 and SLB OneSubsea awarded EPCI contract for bp's Ginger projec...
Subsea7 and SLB OneSubsea awarded EPCI contract for bp's Ginger project Luxembourg – 29 April 2025 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award of a substantial1 engineering, procurement, construction, and installation (EPCI) contract by bp to Subsea Integration Alliance (SIA) for the Ginger project offshore Trinidad and Tobago. The Ginger project is a notable project award under the new global framework agreement between bp and Subsea Integration Alliance partners SLB OneSubsea and Subsea7. Building on a long-standing successful relationship, this agreement est...
- Martin Huseby Karlsen
Subsea 7 (Buy, TP: NOK205.00) - Saipem uncertainties reflected
We expect that seasonality and planned maintenance days will affect Q1, and are thus 15% below consensus (our full-year estimates are in line). We believe investor concerns around the Saipem merger are well reflected in the share price, as combined company multiples have come to Saipem stand-alone levels (prior to deal announcement). With cNOK40/share in shareholder returns (c26% of share price) over the next ~18 months, we consider the valuation attractive and have upgraded to BUY (HOLD). We re...
Aktietilbagekøb i Sydbank – transaktioner i uge 17
Aktietilbagekøb i Sydbank – transaktioner i uge 17 Selskabsmeddelelse nr. 17/2025Peberlyk 4DK-6200 AabenraaTelefon Telefax Sydbank A/SCVR-nr. DK 12626509, Aabenraasydbank.dk28. april 2025 Aktietilbagekøb i Sydbank – transaktioner i uge 17 Sydbank offentliggjorde den 26. februar 2025 et aktietilbagekøbsprogram på 1.350 mio. kr. Aktietilbagekøbsprogrammet startede den 3. marts 2025 og vil være afsluttet senest den 31. januar 2026. Aktietilbagekøbsprogrammet sker med henblik på nedsættelse af aktiekapitalen i Sydbank og gennemføres efter bestemmelserne i Europa-Parlamentets og ...
Sydbank share buyback programme: transactions in week 17
Sydbank share buyback programme: transactions in week 17 Company Announcement No 17/2025Peberlyk 46200 AabenraaDenmarkTel Fax Sydbank A/SCVR No DK 12626509, Aabenraasydbank.dk28 April 2025 Dear Sirs Sydbank share buyback programme: transactions in week 17On 26 February 2025 Sydbank announced a share buyback programme of DKK 1,350m. The share buyback programme commenced on 3 March 2025 and will be completed by 31 January 2026. The purpose of the share buyback programme is to reduce the share capital of Sydbank and the programme is executed in compliance with the provisions of R...
- ABGSC Oil & Oil Services Research
- Njål Kleiven
- Martin Huseby Karlsen
Muted 2025 growth expectations
Following Q1 earnings calls by some of the oil service companies, 2025 outlooks appear more challenging than previously. Baker Hughes expects international upstream spending to decline by mid- to high-single digits, while Halliburton sees its international revenues flat to slightly down. Furthermore, Weatherford expects 2025 international revenue to decline by low double- to mid-double digits. Precision Drilling flagged additional rig suspensions by Saudi Aramco, and SLB highlighted a slow start...
SDRL SEADRILL LTD
ARCHERO ARCHER
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
ODL ODFJELL DRILLING
AKSOO AKER SOLUTIONS ASA
DO DIAMOND OFFSHORE DRILLING INC.
RIGN TRANSOCEAN LTD.
BWO BW OFFSHORE LIMITED
BORR BORR DRILLING
SHLF SHELF DRILLING LTD.
VAL VALARIS LTD
NE NOBLE CORP NEW
OTL ODFJELL TECHNOLOGY LTD
SDNS SHELF DRILLING NORTH SEA
DDRIL DOLPHIN DRILLING
DOFG DOF GROUP ASA
VTURA VENTURA OFFSHORE
PLSV PARATUS ENERGY SERVICES LTD.
- Martin Huseby Karlsen
ENI capex cut but maintains shareholder returns
Driven by macro headwinds and uncertainty around trade tariffs, ENI was the first large oil company to introduce capex cuts for 2025, contributing to a more challenging business environment for oil services. Over the past five years, we estimate ENI to have been the oil major with strongest offshore spending growth, and it has been considered active and opportunistic while others have been more conservative. Hence, we see its reduction as a soft datapoint for oil services. ENI has optimised its ...
SDRL SEADRILL LTD
ARCHERO ARCHER
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
ODL ODFJELL DRILLING
AKSOO AKER SOLUTIONS ASA
DO DIAMOND OFFSHORE DRILLING INC.
RIGN TRANSOCEAN LTD.
BWO BW OFFSHORE LIMITED
BORR BORR DRILLING
SHLF SHELF DRILLING LTD.
VAL VALARIS LTD
NE NOBLE CORP NEW
OTL ODFJELL TECHNOLOGY LTD
SDNS SHELF DRILLING NORTH SEA
DDRIL DOLPHIN DRILLING
DOFG DOF GROUP ASA
VTURA VENTURA OFFSHORE
PLSV PARATUS ENERGY SERVICES LTD.
- ABGSC Oil & Oil Services Research
- Njål Kleiven
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