Subsea 7 SA

SUBC: XOSL (NOR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	NOK 869.00	Rjjd	Mcgjxwl

Elevated Demand for Offshore Services Likely To Persist Into 2025; Raising Subsea 7’s FVE to NOK 153

Katherine Olexa

Mar 3, 2023

Subsea 7 concluded 2022 on solid footing as annual revenue and adjusted EBITDA increased 3% and 7%, respectively. Offshore production activity has started to pick up speed around the world and will likely continue to gain momentum over the next several quarters. We’re raising our fair value estimate to NOK 153 per share from NOK 136 following results. We maintain our no-moat rating.

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