reports
- Martin Huseby Karlsen
Petrobras FPSO delays may hit service volumes but lengthen cycle
Being the largest global consumer of deepwater oil services, Petrobras’ strategic plans tend to get investor attention. On the positive side, its latest 5-year plan sees 5% higher E&P spending than the previous one, and has a more stable phasing between the years, which is supportive for the cycle duration. However, several FPSOs are facing significant delays, which is on the downside for oil services, leading to delays for deepwater oilfield services (primarily drilling and subsea), likely resu...
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.
- Emmanuel Matot
- Marc Lavaud
- Michael Foundoukidis
- Emmanuel Matot
- Marc Lavaud
- Michael Foundoukidis
- Baptiste Lebacq
Subsea 7 : 2024 EBITDA guidance increased by 5% and great confidence f...
>Outperform rating and target price of NOK 250 - Following the earnings release and the conference call, we leave our earnings sequence unchanged (and are more confident that the group will achieve our estimates). Subsea 7 is in our view well placed to ride: 1/ the ongoing acceleration in offshore/subsea capex (we are looking for average annual market growth of more than 15% over 2024-2026e); 2/ and that in investment in renewables in the UK (post elections) to reduc...
- Baptiste Lebacq
Subsea 7 : Guidance d’EBITDA 2024 relevée de 5% et grande confiance su...
>Opinion Surperformance et OC 250 NOK réitérés - Post publication et conférence call, nous maintenons inchangée notre séquence de résultats (et sommes plus confiants quant à leur atteinte par le groupe). Subsea 7 est, selon nous, bien positionné pour surfer 1/sur l’accélération en cours des Capex en offshore/subsea (nous tablons sur un marché en croissance annuelle moyenne de plus de 15% sur 2024/2026e) ; 2/ ainsi que sur celle des investissements dans les renouvelabl...
- ABGSC Oil & Oil Services Research
- Haakon Amundsen
- John Olaisen
Subsea 7 S.A. Announces Third Quarter 2024 Results
Subsea 7 S.A. Announces Third Quarter 2024 Results Luxembourg – 21 November 2024 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY, ISIN: LU0075646355, the Company) announced today results of Subsea7 Group (the Group, Subsea7) for the third quarter which ended 30 September 2024. Highlights Third quarter Adjusted EBITDA of $321 million, up 59% on the prior year period, equating to a margin of 18% Robust free cash flow of $138 million in the third quarter, leading to a reduction in net debt of $170 millionAdjusted EBITDA in the first nine months of 2024 of $775 million, exceeding the prior fu...
- Martin Huseby Karlsen
Subsea 7 (Buy, TP: NOK260.00) - All eyes on 2025 guidance
We are in line with consensus on Q3e adj. EBITDA and expect 2025 revenue guidance to be the key focus (margin guidance already provided). Our 2025e revenue of USD7.1bn is in line with consensus, with YOY growth supported by an already-secured backlog (69% backlog coverage versus 55% historically), higher dayrates for its PLSVs, and two new fleet additions in 2025. We reiterate our BUY and NOK260 target price.
- ABGSC Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Oliver Dunvold
- Stian Wibstad
- ABGSC Oil & Oil Services Research
- Haakon Amundsen
- John Olaisen
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Lara Mohtadi
VOLV B VOLVO AB CLASS B
WRT1V WARTSILA OYJ ABP
ABB ABB LTD.
SAND SANDVIK AB
TREL B TRELLEBORG AB CLASS B
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
HPOL B HEXPOL AB CLASS B
ALFA ALFA LAVAL AB
MTRS B MUNTERS GROUP
HEXA B HEXAGON AB
EPI A EPIROC AB
NIBE B NIBE INDUSTRIER AB
ATCO A ATLAS COPCO AB
ALIV SDB AUTOLIV INC.
- ABGSC IT Research
- Daniel Thorsson
- Simon Granath
Subsea7 share repurchases
Subsea7 share repurchases Luxembourg – 11 November 2024 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced transactions made in accordance with its share repurchase programme during the week commencing 4 November 2024. Date on which the share repurchase programme was announced: 25 July 2019, with a two-year extension announced on 19 April 2023. The duration of the share repurchase programme: until 18 April 2025. In the period from 4 November 2024 until 8 November 2024 Subsea 7 S.A. has repurchased a ...
- ABGSC Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Stian Wibstad
Seaway7 awarded offshore wind contract in the UK
Seaway7 awarded offshore wind contract in the UK Luxembourg – 6 November 2024 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award to Seaway7, part of the Subsea7 Group, of a substantial1 contract by ScottishPower Renewables for the transport and installation of the inter-array cables of the East Anglia TWO offshore wind project. ScottishPower Renewables’ £4 billion East Anglia TWO offshore windfarm will be located around 33 kilometres from the east coast of England in the Southern North Sea. Successful in the UK Government’s contracts for difference (CfD) allocation rou...
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
VOLV B VOLVO AB CLASS B
WRT1V WARTSILA OYJ ABP
ABB ABB LTD.
SAND SANDVIK AB
TREL B TRELLEBORG AB CLASS B
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
HPOL B HEXPOL AB CLASS B
ALFA ALFA LAVAL AB
MTRS B MUNTERS GROUP
HEXA B HEXAGON AB
EPI A EPIROC AB
NIBE B NIBE INDUSTRIER AB
ATCO A ATLAS COPCO AB
ALIV SDB AUTOLIV INC.
Valmet Oyj: 1 director
A director at Valmet Oyj bought 1,000 shares at 23.642EUR and the significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly sho...
Subsea7 share repurchases
Subsea7 share repurchases Luxembourg – 4 November 2024 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced transactions made in accordance with its share repurchase programme during the week commencing 28 October 2024. Date on which the share repurchase programme was announced: 25 July 2019, with a two-year extension announced on 19 April 2023. The duration of the share repurchase programme: until 18 April 2025. In the period from 28 October 2024 until 1 November 2024 Subsea 7 S.A. has repurchased a t...
- Tomi Railo
Valmet (Buy, TP: EUR32.00) - Earnings growth needed in Q4
Following mixed Q3 results, we have tweaked our 2024–2026e clean EPS (c-1% on average). Q3 clean EBITA improved slightly YOY, but we believe a stronger improvement will be required in Q4 YOY to reach the 2024 guidance of flat clean EBITA YOY. We reiterate our BUY and EUR32 target price.
- ABGSC Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Stian Wibstad
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