Subsea 7 SA

SUBC: XOSL (NOR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	NOK 965.00	Dbq	Qbdwnst

Maintaining Subsea 7's FVE as First-Quarter Results Exhibit Strong Year-Over-Year Gains

Katherine Olexa , Samuel Siampaus

Apr 29, 2022

Subsea 7’s first-quarter results were in line with expectations but indicated improvements in offshore activity. Quarterly revenue fell 13% sequentially but improved 20% year over year to $1.2 billion. We maintain our fair value estimate of NOK 120 and our no-moat rating.

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