Subsea 7 SA

SUBC: XOSL (NOR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	NOK 655.00	Lrp	Xnmrfyhh

Subsea 7 Earnings: Backlog Exceeds 2013 Levels as Offshore Contracting Drives Record Order Intake

Katherine Olexa

Jul 26, 2024

Subsea 7 delivered a solid second quarter as elevated contracting activity for offshore oil and gas projects persists worldwide. Management raised full-year guidance for revenue and adjusted EBITDA (about 5% at the midpoint for each), and we expect the firm is well-positioned to reach the new targets. We’re slightly raising our fair value estimate to NOK 206 from NOK 196, which coincides with the updated performance targets. Our no-moat rating is unchanged following the results.

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