Upcoming Dividend • May 13
Upcoming dividend of kr13.00 per share Eligible shareholders must have bought the stock before 20 May 2026. Payment date: 28 May 2026. Payout ratio is on the higher end at 77%, however this is supported by cash flows. Trailing yield: 3.7%. Lower than top quartile of British dividend payers (5.8%). In line with average of industry peers (4.0%). Announcement • May 03
Subsea 7 S.A. Raises Earnings Guidance for the Full Year 2026 Subsea 7 S.A. raised earnings guidance for the full year 2026. For the year, the company anticipated revenue this year which is expected to be between $7.4 and 7.8 billion (previously between $7.0 and $7.4 billion). Board Change • May 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. Independent Non-Executive Director Lucia De Andrade was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 02
First quarter 2026 earnings released: EPS: US$0.34 (vs US$0.065 in 1Q 2025) First quarter 2026 results: EPS: US$0.34 (up from US$0.065 in 1Q 2025). Revenue: US$1.79b (up 17% from 1Q 2025). Net income: US$100.7m (up 427% from 1Q 2025). Profit margin: 5.6% (up from 1.2% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.3% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 30
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to kr290, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 6x in the Energy Services industry in the United Kingdom. Total returns to shareholders of 160% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr557 per share. Announcement • Mar 05
Subsea7 Announces CEO Succession Subsea7 announced that John Evans will retire from his position as CEO on the 30 June 2026 and will be succeeded from 1 July 2026 by Stuart Fitzgerald who is currently CEO of Seaway7, part of the Subsea7 Group. John has worked for Subsea7 and its predecessor companies for 40 years. He was COO of Subsea7 for 14 years and has been CEO of Subsea7 since 2020. Stuart has been CEO of Seaway7 since 2022. He joined Subsea7 in 1998 and has held a number of senior management positions including EVP Commercial and EVP Strategy and Alliances. Reported Earnings • Feb 27
Full year 2025 earnings released: EPS: US$1.39 (vs US$0.68 in FY 2024) Full year 2025 results: EPS: US$1.39 (up from US$0.68 in FY 2024). Revenue: US$7.09b (up 3.6% from FY 2024). Net income: US$411.4m (up 104% from FY 2024). Profit margin: 5.8% (up from 2.9% in FY 2024). Revenue is forecast to grow 1.2% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Announcement • Feb 27
Subsea 7 S.A. Reports Asset Impairments for the Fourth Quarter Ended December 31, 2025 Subsea 7 S.A. reported asset impairments for the fourth quarter ended December 31, 2025. For the period, goodwill impairment charges of $17. 6 million (Q4 2024: $6.2 million) were recognized in the Condensed Consolidated Income Statement within operating expenses. Impairment charges of $10.1 million related to property, plant and equipment (Q4 2024: $14.2 million), $2.1 million related to intangible assets (Q4 2024: $1.6 million), and $1.4 million related to right -of-use assets (Q4 2024: nil) were also recognized in the Condensed Consolidated Income Statement. Announcement • Dec 15
Subsea 7 S.A., Annual General Meeting, May 12, 2026 Subsea 7 S.A., Annual General Meeting, May 12, 2026. Reported Earnings • Nov 21
Third quarter 2025 earnings released: EPS: US$0.38 (vs US$0.31 in 3Q 2024) Third quarter 2025 results: EPS: US$0.38 (up from US$0.31 in 3Q 2024). Revenue: US$1.84b (flat on 3Q 2024). Net income: US$112.9m (up 21% from 3Q 2024). Profit margin: 6.1% (up from 5.1% in 3Q 2024). Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Announcement • Nov 21
Subsea 7 S.A. Revises Earnings Guidance for the Full Year of 2025 and Provides Earnings Guidance for the Year 2026 Subsea 7 S.A. revised earnings guidance for the full year 2025 and provides earnings guidance for the year 2026. For the full year, revenue is expected to be in a range between $6.9 billion and $7.1 billion while margins are expected to be between 20% and 21% .
For the year 2026, The company expects revenue to be within a range of $7.0 billion to $7.4 billion. Reported Earnings • Aug 01
Second quarter 2025 earnings released: EPS: US$0.45 (vs US$0.20 in 2Q 2024) Second quarter 2025 results: EPS: US$0.45 (up from US$0.20 in 2Q 2024). Revenue: US$1.76b (up 1.0% from 2Q 2024). Net income: US$133.9m (up 127% from 2Q 2024). Profit margin: 7.6% (up from 3.4% in 2Q 2024). Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Declared Dividend • May 23
Dividend of kr6.50 announced Shareholders will receive a dividend of kr6.50. Ex-date: 29th October 2025 Payment date: 6th November 2025 Dividend yield will be 7.9%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is not covered by earnings (176% earnings payout ratio). However, it is covered by cash flows (53% cash payout ratio). The dividend has increased by an average of 11% per year over the past 7 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 95% to bring the payout ratio under control. EPS is expected to grow by 106% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Announcement • May 10
Subsea 7 S.A. Announces Changes to Its Board, Effective Immediately Subsea 7 S.A. announced the election of Lucia Andrade as a Non-Executive Director at the 2025 annual general meeting of shareholders (AGM) and the decision of Jean Cahuzac to retire from his position as Non-Executive Director with immediate effect. Jean has served on the Board since 2008 and was also CEO of Subsea7 until December 31, 2019. Jean was a member of the Compensation Committee and the Tender Committee, and changes to committee memberships will be discussed at the next meeting of the Board later this month. Announcement • May 09
Subsea 7 S.A. Approves Cash Dividend in Two Instalments, Payable in May 22, 2025 and November 6, 2025, Respectively Subsea 7 S.A. at its AGM held on 8 May 2025, the allocation of results of the Company for the fiscal year ended 31 December 2024, including the payment of a dividend in the amount of NOK 13.00 per common share, to be paid in two equal instalments on 22 May 2025 and 6 November 2025. Upcoming Dividend • May 07
Upcoming dividend of kr6.50 per share Eligible shareholders must have bought the stock before 14 May 2025. Payment date: 22 May 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 7.6%. Within top quartile of British dividend payers (5.9%). Higher than average of industry peers (6.8%). Reported Earnings • May 02
First quarter 2025 earnings released: EPS: US$0.06 (vs US$0.09 in 1Q 2024) First quarter 2025 results: EPS: US$0.06 (down from US$0.09 in 1Q 2024). Revenue: US$1.53b (up 9.6% from 1Q 2024). Net income: US$19.1m (down 29% from 1Q 2024). Profit margin: 1.2% (down from 1.9% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to kr142, the stock trades at a forward P/E ratio of 10x. Average trailing P/E is 10x in the Energy Services industry in Europe. Total returns to shareholders of 86% over the past three years. Announcement • Mar 22
Subsea 7 S.A. to Report Q4, 2025 Results on Feb 26, 2026 Subsea 7 S.A. announced that they will report Q4, 2025 results on Feb 26, 2026 Declared Dividend • Mar 02
Final dividend of kr6.50 announced Shareholders will receive a dividend of kr6.50. Ex-date: 14th May 2025 Payment date: 22nd May 2025 Dividend yield will be 5.5%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is not covered by earnings (169% earnings payout ratio). However, it is covered by cash flows (59% cash payout ratio). The dividend has increased by an average of 9.6% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 88% to bring the payout ratio under control. EPS is expected to grow by 111% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Announcement • Feb 28
Subsea 7 S.A. Proposes Cash Dividend in Two Instalments, Payable in May and November 2025 Respectively At the Annual General Meeting on 8 May 2025, the Board of Directors of Subsea 7 S.A. will propose that shareholders approve a cash dividend of NOK 13.00 per share, equating to approximately $350 million, payable in two equal instalments in May and November 2025. This represents a year-on-year increase of 40% in returns to shareholders and is equivalent to an approximate yield of 7% related to the cash dividend. Reported Earnings • Feb 27
Full year 2024 earnings released: EPS: US$0.68 (vs US$0.052 in FY 2023) Full year 2024 results: EPS: US$0.68 (up from US$0.052 in FY 2023). Revenue: US$6.84b (up 14% from FY 2023). Net income: US$201.4m (up US$186.0m from FY 2023). Profit margin: 2.9% (up from 0.3% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Announcement • Feb 24
Saipem SpA (BIT:SPM) signed a agreement in principle to acquire Subsea 7 S.A. (OB:SUBC) from Siem Industries S.A. (OTCPK:SEMU.F) and others for €4.6 billion. Saipem SpA (BIT:SPM) signed a agreement in principle to acquire Subsea 7 S.A. (OB:SUBC) from Siem Industries S.A. (OTCPK:SEMU.F) and others for €4.6 billion on February 23, 2025. Subsea7 shareholders will receive 6.688 Saipem shares for each Subsea7 share held. Subsea7 will distribute an extraordinary dividend for an amount equal to €450 million immediately prior to completion. Transaction expected to deliver material value creation for the shareholders of both Saipem and Subsea7. Annual synergies of approximately €300 million are expected to be achieved in the third year after completion, with one-off costs to achieve such synergies of approximately €270 million. The combination of Saipem and Subsea7 (the “Combined Company”) will be renamed Saipem7, and will have a combined backlog of €43 billion, Revenue of approx. €20 billion and EBITDA in excess of €2 billion. As part of this, it is intended that the Combined Company’s Chairman will be designated by Siem Industries and that the Combined Company’s CEO will be designated by CDP Equity and Eni. Siem Industries (being the largest shareholder of Subsea7) would then own approximately 11.9% of the Combined Company’s capital, while Eni and CDP Equity (being the largest shareholders of Saipem) would own approximately 10.6% and approximately 6.4%, respectively. Assuming all Subsea7 shareholders participate in the merger, the share capital of the Combined Company will be held 50-50% by the current shareholders of Saipem and Subsea7. The entering into and signing of binding definitive documents in mid-2025 in respect of the Proposed Combination is conditional, inter alia, on the successful completion of confirmatory due diligence by the parties, the execution of a mutually satisfactory merger agreement and the approval of the final terms of the Proposed Combination by the Board of Directors of Saipem and Subsea7. The parties will also engage with the relevant works council consultations required by the applicable laws. Moreover, completion of the Proposed Combination will be subject to customary conditions precedent for a transaction of this nature, including, inter alia, approval by the shareholders’ meetings of both Saipem and Subsea7, the former to be also passed with the so-called whitewash majorities for the purposes of the mandatory takeover bid exemption13 , and obtaining the required Italian government approval and customary regulatory clearances. The MoU also provides for termination rights for each of Saipem and Subsea7. Completion anticipated to occur in the second half of 2026.
Goldman Sachs International is acting as lead financial advisor to Saipem, and Deutsche Bank AG, Milan Branch as financial advisor to Saipem. Clifford Chance LLP is serving as global legal counsel to Saipem in particular as to matters of Italian, English, US and Luxembourg law, while Advokatfirmaet Thommessen AS is serving as legal counsel to Saipem as to matters of Norwegian law. Kirk Lovegrove & Company Limited is acting as lead financial advisor and Deloitte LLP is acting as financial advisor to Subsea7. Freshfields LLP is serving as global legal counsel to Subsea7 (including as to matters of Italian, US and English Law), while Elvinger Hoss Prussen S.A. and Advokatfirmaet Wiersholm AS are serving as legal counsels as to matters of Luxembourg and Norwegian law, respectively. Announcement • Dec 04
Subsea 7 S.A., Annual General Meeting, May 08, 2025 Subsea 7 S.A., Annual General Meeting, May 08, 2025. Announcement • Dec 03
Subsea 7 S.A. to Report Fiscal Year 2024 Final Results on Mar 21, 2025 Subsea 7 S.A. announced that they will report fiscal year 2024 final results on Mar 21, 2025 Recent Insider Transactions • Nov 27
Non-Executive Director recently sold kr17m worth of stock On the 25th of November, Jean Cahuzac sold around 91k shares on-market at roughly kr185 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of kr44m more than they bought in the last 12 months. Reported Earnings • Nov 22
Third quarter 2024 earnings released: EPS: US$0.31 (vs US$0.12 in 3Q 2023) Third quarter 2024 results: EPS: US$0.31 (up from US$0.12 in 3Q 2023). Revenue: US$1.83b (up 16% from 3Q 2023). Net income: US$93.3m (up 171% from 3Q 2023). Profit margin: 5.1% (up from 2.2% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 41% per year, which means it is significantly lagging earnings growth. Announcement • Nov 21
Subsea 7 S.A. Provides Earnings Guidance for the Full Year of 2025 Subsea 7 S.A. provided earnings guidance for the full year of 2025. For the year, the company expects revenue to be between $6.8 billion and $7.2 billion. Upcoming Dividend • Oct 23
Upcoming dividend of kr3.00 per share Eligible shareholders must have bought the stock before 30 October 2024. Payment date: 07 November 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.3%. Lower than top quartile of British dividend payers (5.7%). Lower than average of industry peers (4.2%). Recent Insider Transactions • Oct 02
Non-Executive Director recently sold kr5.5m worth of stock On the 27th of September, Jean Cahuzac sold around 33k shares on-market at roughly kr170 per share. This transaction amounted to 26% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of kr27m more than they bought in the last 12 months. Recent Insider Transactions • Jul 30
Key Executive recently sold kr1.7m worth of stock On the 25th of July, Phillip Simons sold around 8k shares on-market at roughly kr210 per share. This transaction amounted to 47% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth kr14m. This was Phillip's only on-market trade for the last 12 months. Reported Earnings • Jul 26
Second quarter 2024 earnings released: EPS: US$0.20 (vs US$0.061 in 2Q 2023) Second quarter 2024 results: EPS: US$0.20 (up from US$0.061 in 2Q 2023). Revenue: US$1.74b (up 15% from 2Q 2023). Net income: US$59.1m (up 225% from 2Q 2023). Profit margin: 3.4% (up from 1.2% in 2Q 2023). Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 44% per year, which means it is significantly lagging earnings growth. Announcement • Jul 25
Subsea 7 S.A. Revises Earnings Guidance for the Full Year 2024 Subsea 7 S.A. revised earnings guidance for the full year 2024. For the year, the company expects revenue to be in a range from $6.5 billion to $6.8 billion (previously $6.0 billion to $6.5 billion). Board Change • Jul 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. Independent Non-Executive Director Elisabeth Van Heeswijk was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Jun 14
General Counsel recently sold kr3.2m worth of stock On the 7th of June, Nathalie Louys sold around 17k shares on-market at roughly kr188 per share. This transaction amounted to 41% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth kr14m. Insiders have been net sellers, collectively disposing of kr20m more than they bought in the last 12 months. Recent Insider Transactions • Jun 08
Non-Executive Director recently sold kr14m worth of stock On the 4th of June, Jean Cahuzac sold around 75k shares on-market at roughly kr184 per share. This transaction amounted to 38% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of kr16m more than they bought in the last 12 months. Announcement • May 03
Subsea 7 S.A. Approves Payment of Dividend Subsea 7 S.A. announced that, at the 2024 annual general meeting of shareholders on 2 May 2024, all resolutions were approved, including the payment of a dividend of NOK 6.00 per common share, to be paid in two equal instalments. Upcoming Dividend • Apr 29
Upcoming dividend of kr3.00 per share Eligible shareholders must have bought the stock before 06 May 2024. Payment date: 14 May 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.3%. Lower than top quartile of British dividend payers (5.8%). Lower than average of industry peers (3.7%). Announcement • Apr 27
Subsea 7 S.A. Provides Revenue Guidance for Full Year 2024 Subsea 7 S.A. provided revenue guidance for full year 2024. For full year 2024 company continue to expect revenue between $6.0 billion and $6.5 billion. Reported Earnings • Apr 25
First quarter 2024 earnings released: EPS: US$0.09 (vs US$0.068 loss in 1Q 2023) First quarter 2024 results: EPS: US$0.09 (up from US$0.068 loss in 1Q 2023). Revenue: US$1.40b (up 12% from 1Q 2023). Net income: US$27.0m (up US$46.9m from 1Q 2023). Profit margin: 1.9% (up from net loss in 1Q 2023). Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 1.3% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 137% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Announcement • Mar 24
Subsea 7 S.A. to Report Q4, 2024 Results on Feb 27, 2025 Subsea 7 S.A. announced that they will report Q4, 2024 results on Feb 27, 2025 Announcement • Mar 01
Subsea 7 S.A. Proposes Cash Dividend to Be Paid in Two Instalments, Payable on May 14, 2024 November 7, 2024 Respectively Subsea 7 S.A. announced that its Board of Directors will recommend to the shareholders at the Annual General Meeting of the Company to be held on 2 May 2024 (the AGM) that a dividend of NOK 6.00 per share be paid, in two instalments, equivalent to a total dividend of approximately USD 170 million. Key information relating to the first instalment of the cash dividend to be paid by Subsea 7 S.A. Dividend amount: 3.00 per share, Announced currency: NOK, Last day including right: 3 May 2024, Ex-date: 6 May 2024, Record date: 7 May 2024, Payment date: 14 May 2024, Approval date: the proposed cash dividend is subject to approval at the AGM. Key information relating to the second instalment of the cash dividend to be paid by Subsea 7 S.A. Dividend amount: 3.00 per share, Announced currency: NOK, Last day including right: 29 October 2024, Ex-date: 30 October 2024, Record date: 31 October 2024, Payment date: 7 November 2024, Approval date: the proposed cash dividend is subject to approval at the AGM. Reported Earnings • Mar 01
Full year 2023 earnings released: EPS: US$0.05 (vs US$0.20 in FY 2022) Full year 2023 results: EPS: US$0.05 (down from US$0.20 in FY 2022). Revenue: US$5.97b (up 16% from FY 2022). Net income: US$15.4m (down 73% from FY 2022). Profit margin: 0.3% (down from 1.1% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 140% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Dec 01
Insider recently sold kr1.5m worth of stock On the 28th of November, Katherine Lyne sold around 10k shares on-market at roughly kr151 per share. This transaction amounted to 43% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Nov 18
Third quarter 2023 earnings released: EPS: US$0.11 (vs US$0.011 in 3Q 2022) Third quarter 2023 results: EPS: US$0.11 (up from US$0.011 in 3Q 2022). Revenue: US$1.58b (up 12% from 3Q 2022). Net income: US$34.4m (up US$31.2m from 3Q 2022). Profit margin: 2.2% (up from 0.2% in 3Q 2022). Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 134% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. New Risk • Jul 27
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 0.5% Last year net profit margin: 1.3% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.5% net profit margin). Shareholders have been diluted in the past year (3.5% increase in shares outstanding). Reported Earnings • Jul 27
Second quarter 2023 earnings released: EPS: US$0.06 (vs US$0.14 in 2Q 2022) Second quarter 2023 results: EPS: US$0.06 (down from US$0.14 in 2Q 2022). Revenue: US$1.52b (up 22% from 2Q 2022). Net income: US$18.2m (down 56% from 2Q 2022). Profit margin: 1.2% (down from 3.3% in 2Q 2022). Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 123% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Announcement • Jul 26
Subsea 7 S.A. Provides Financial Guidance for 2023 Subsea 7 S.A. provided financial guidance for 2023. The company continue to expect revenue in 2023 to be higher than 2022. Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to kr134, the stock trades at a forward P/E ratio of 35x. Average forward P/E is 11x in the Energy Services industry in Europe. Total returns to shareholders of 126% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr182 per share. Announcement • Jun 20
Subsea 7 Offers to Buy Norway’s DOF Group UK-based engineering firm Subsea 7 SA (OSE:SUBC) unveiled on June 16, 2023 that it has offered to acquire DOF Group ASA for NOK 35 (USD 3.33/EUR 3.03) per share, or at a premium of 25% to the Norwegian vessel operator’s targeted initial public offering (IPO) price of NOK 28 per share. The takeover proposal was submitted on June 15 and turned down by the target company on the next day, Subsea 7 said in a statement. The proposed transaction consideration comprised NOK 7 in cash and NOK 28 in newly-issued shares in Subsea 7 with the stock component representing a stake of about 11.5% in Subsea 7. It was subject to various conditions, including due diligence. DOF, which launched the IPO in June, separately said that after carefully considering the takeover bid, the company’s board concluded not to cancel the on-going IPO and listing on the Oslo Stock Exchange. Reported Earnings • Apr 28
First quarter 2023 earnings released: US$0.07 loss per share (vs US$0.051 loss in 1Q 2022) First quarter 2023 results: US$0.07 loss per share (further deteriorated from US$0.051 loss in 1Q 2022). Revenue: US$1.25b (up 4.4% from 1Q 2022). Net loss: US$19.9m (loss widened 34% from 1Q 2022). Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 13
Upcoming dividend of kr4.00 per share at 0.8% yield Eligible shareholders must have bought the stock before 20 April 2023. Payment date: 28 April 2023. Trailing yield: 0.8%. Lower than top quartile of British dividend payers (5.9%). Lower than average of industry peers (4.2%). Buying Opportunity • Mar 10
Now 21% undervalued Over the last 90 days, the stock is up 27%. The fair value is estimated to be kr176, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 7.0% per annum. Earnings is also forecast to grow by 33% per annum over the same time period. Reported Earnings • Mar 03
Full year 2022 earnings released: EPS: US$0.20 (vs US$0.11 in FY 2021) Full year 2022 results: EPS: US$0.20 (up from US$0.11 in FY 2021). Revenue: US$5.14b (up 2.5% from FY 2021). Net income: US$57.1m (up 80% from FY 2021). Profit margin: 1.1% (up from 0.6% in FY 2021). Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Announcement • Dec 15
Subsea 7 S.A. to Report Fiscal Year 2022 Results on Mar 15, 2023 Subsea 7 S.A. announced that they will report fiscal year 2022 results at 12:00 PM, Central European Standard Time on Mar 15, 2023 Reported Earnings • Nov 18
Third quarter 2022 earnings released: EPS: US$0.01 (vs US$0.15 in 3Q 2021) Third quarter 2022 results: EPS: US$0.01 (down from US$0.15 in 3Q 2021). Revenue: US$1.40b (down 3.2% from 3Q 2021). Net income: US$3.20m (down 93% from 3Q 2021). Profit margin: 0.2% (down from 3.1% in 3Q 2021). Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jul 29
Second quarter 2022 earnings released: EPS: US$0.14 (vs US$0.04 loss in 2Q 2021) Second quarter 2022 results: EPS: US$0.14 (up from US$0.04 loss in 2Q 2021). Revenue: US$1.25b (up 4.1% from 2Q 2021). Net income: US$41.2m (up US$53.0m from 2Q 2021). Profit margin: 3.3% (up from net loss in 2Q 2021). Over the next year, revenue is expected to shrink by 5.0% compared to a 1.6% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • May 01
First quarter 2022 earnings released: US$0.051 loss per share (vs US$0.007 profit in 1Q 2021) First quarter 2022 results: US$0.051 loss per share (down from US$0.007 profit in 1Q 2021). Revenue: US$1.19b (up 20% from 1Q 2021). Net loss: US$14.9m (down US$16.9m from profit in 1Q 2021). Over the next year, revenue is expected to shrink by 5.0% compared to a 7.1% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Apr 21
Upcoming dividend of kr1.00 per share Eligible shareholders must have bought the stock before 28 April 2022. Payment date: 06 May 2022. Trailing yield: 1.2%. Lower than top quartile of British dividend payers (4.6%). Lower than average of industry peers (3.3%). Reported Earnings • Mar 04
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Revenue: US$5.01b (up 45% from FY 2020). Net income: US$31.8m (up US$1.12b from FY 2020). Profit margin: 0.6% (up from net loss in FY 2020). Revenue exceeded analyst estimates by 1.2%. Over the next year, revenue is expected to shrink by 7.7% compared to a 3.5% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 63 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 19
Third quarter 2021 earnings released: EPS US$0.15 (vs US$0.14 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$1.45b (up 53% from 3Q 2020). Net income: US$44.7m (up US$85.9m from 3Q 2020). Profit margin: 3.1% (up from net loss in 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • Oct 03
Senior Independent Director recently bought kr1.1m worth of stock On the 30th of September, David Mullen bought around 15k shares on-market at roughly kr75.20 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Jul 29
Second quarter 2021 earnings released: US$0.04 loss per share (vs US$3.07 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: US$1.20b (up 59% from 2Q 2020). Net loss: US$11.8m (loss narrowed 99% from 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 87 percentage points per year, which is a significant difference in performance. Reported Earnings • May 01
First quarter 2021 earnings released: EPS US$0.01 (vs US$0.13 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$996.4m (up 33% from 1Q 2020). Net income: US$2.00m (up US$40.0m from 1Q 2020). Profit margin: 0.2% (up from net loss in 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 113 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Apr 23
Inaugural dividend of kr2.00 per share Eligible shareholders must have bought the stock before 29 April 2021. Payment date: 07 May 2021. The company last paid an ordinary dividend in April 2019. The average dividend yield among industry peers is 3.7%. Executive Departure • Apr 20
Non-Executive Independent Director has left the company On the 14th of April, Elisabeth Proust's tenure as Non-Executive Independent Director ended after 2.0 years in the role. As of December 2020, Elisabeth personally held only 830.00 shares (kr73k worth at the time). A total of 2 executives have left over the last 12 months. Analyst Estimate Surprise Post Earnings • Feb 26
Revenue misses expectations Revenue missed analyst estimates by 4.4%. Over the next year, revenue is forecast to grow 16% compared to a 9.5% decline forecast for the Energy Services industry in the United Kingdom. Reported Earnings • Feb 26
Full year 2020 earnings released: US$3.67 loss per share (vs US$0.27 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: US$3.47b (down 5.2% from FY 2019). Net loss: US$1.09b (loss widened US$1.01b from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 119 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 25
New 90-day high: kr92.17 The company is up 5.0% from its price of kr87.54 on 27 November 2020. The British market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Energy Services industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr81.92 per share. Is New 90 Day High Low • Jan 07
New 90-day high: kr90.68 The company is up 22% from its price of kr74.08 on 09 October 2020. The British market is up 14% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Energy Services industry, which is up 49% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr84.50 per share. Is New 90 Day High Low • Dec 04
New 90-day high: kr89.16 The company is up 29% from its price of kr69.02 on 04 September 2020. The British market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Energy Services industry, which is up 23% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr125 per share. Reported Earnings • Nov 14
Third quarter 2020 earnings released: US$0.14 loss per share The company reported a poor third quarter result with weaker earnings and control over expenses, although revenues were flat. Third quarter 2020 results: Revenue: US$947.4m (flat on 3Q 2019). Net loss: US$41.2m (down 194% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 124% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. 
