Table of Contents
Aker Solutions (April 30th) ............................................4
Saipem (April 22nd ) .......................................................6
Seadrill (May 29th) ..........................................................8
Subsea 7 (April 21st)................................................10
Technip (April 30th )..................................................12
Tecnicas Reunidas (na) ..........................................14
Appendices
Appendix A: Valuation matrices..........................................16
Appendix B: Backlog realisation ........................................18
Appendix C: DBe vs consensus ......................................19
Appendix D: Revenue and margin momentum analysis .........20
Appendix E: Company targets......................................21
Appendix F: Acquisitions by Aker Solutions.......................22
Appendix G: Saipem rig schedule ....................................25
Appendix H: Seadrill rig schedule........................................28
Appendix I: Seadrill DCF valuation and debt schedule..............34
Appendix J: Company P&Ls................................................36
Appendix K: Financial calendar .............................................42