olivLaw · European equity research
Subsea 7 S.A. SUBC.OL
Norway · Euronext Oslo Børs · Vertical: Listed companies from Norway
Subsea 7 S.A. is a global offshore energy services provider focused on subsea systems for oil and gas, carbon capture and storage, and fixed offshore wind. In 2025 it closed with revenue of 7.1 billion USD and a backlog of nearly 14 billion USD, while the proposed merger with Saipem still awaits regulatory clearance.
At the close of 06 Nov 2026, Subsea 7 S.A. (SUBC.OL) stock was 304.80 NOK (−1.99% on the day), with beta 0.42, 52-week range 182.30–351.00 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 38.0
- weak (30–45)
- Bollinger (20, 2)
- 303.88 – 346.80
- in the lower half of the band · %B 0.02 · band width 13.2%
- SMA 50 / 200
- 325.33 / 309.32
- mixed trend
- MACD (12, 26, 9)
- -3.86 / -1.91
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −5.6% | −0.6% | −5.0 pp | — |
| 3 months | −7.1% | −4.2% | −3.0 pp | — |
| 6 months | −0.1% | +4.3% | −4.4 pp | — |
| Year to date | +50.0% | +7.5% | +42.5 pp | — |
| 1 year | +67.4% | +9.9% | +57.5 pp | −4.7% |
| 3 years | +110.1% | +49.8% | +60.2 pp | +12.7% |
| 5 years | +286.2% | +42.8% | +243.4 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 6.0 bn | 6.8 bn | 7.1 bn |
| Revenue YoY | unavailable | +14.5% | +3.6% |
| Net income | 15.4 m | 201.4 m | 411.4 m |
| Net income YoY | unavailable | +1,207.8% | +104.3% |
| Diluted EPS | 0.05 | 0.67 | 1.38 |
| Diluted EPS YoY | unavailable | +1,240.0% | +106.0% |
| net % | 0.3% | 2.9% | 5.8% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 969.7 m USD
- Financial debt
- 583.7 m USD
- Net debt
- -386.0 m USD
- Equity
- 4.4 bn USD
- Total assets
- 8.0 bn USD
- Debt / equity
- 0.13x
- Current ratio
- 1.11x
- ROE
- 9.4%
- ROA
- 5.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 6.0 bn | 6.8 bn | 7.1 bn | esef· 21 Oct 2026verified |
| Gross profit | 362.8 m | 704.7 m | — | esef· 08 May 2025verified |
| Operating income | 104.7 m | 445.5 m | 770.7 m | esef· 21 Oct 2026verified |
| Interest expense | 71.2 m | 101.2 m | 87.3 m | esef· 21 Oct 2026verified |
| Pre-tax income | 80.0 m | 368.2 m | 621.8 m | esef· 21 Oct 2026verified |
| Income tax | 70.0 m | 151.6 m | 217.6 m | esef· 21 Oct 2026verified |
| Net income | 15.4 m | 201.4 m | 411.4 m | esef· 21 Oct 2026verified |
| Diluted EPS | 0.05 | 0.67 | 1.38 | esef· 21 Oct 2026verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 750.9 m | 575.3 m | 969.7 m | esef· 21 Oct 2026verified |
| Receivables | 921.8 m | 663.8 m | 836.3 m | esef· 21 Oct 2026verified |
| Inventories | 60.1 m | 57.4 m | 51.8 m | esef· 21 Oct 2026verified |
| Current assets | 2.9 bn | 2.5 bn | 3.1 bn | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 4.1 bn | 4.0 bn | 3.8 bn | esef· 21 Oct 2026verified |
| Goodwill | 192.2 m | 183.7 m | 157.0 m | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | 58.5 m | 87.6 m | 111.7 m | esef· 21 Oct 2026verified |
| Total assets | 8.1 bn | 7.7 bn | 8.0 bn | esef· 21 Oct 2026verified |
| Accounts payable | 1.7 bn | 1.4 bn | 1.5 bn | esef· 21 Oct 2026verified |
| Short-term debt | 123.5 m | 138.2 m | 181.3 m | esef· 21 Oct 2026verified |
| Long-term debt | 721.4 m | 583.8 m | 402.4 m | esef· 21 Oct 2026verified |
| Current liabilities | 2.6 bn | 2.4 bn | 2.8 bn | esef· 21 Oct 2026verified |
| Total liabilities | 3.7 bn | 3.4 bn | 3.6 bn | esef· 21 Oct 2026verified |
| Equity | 4.4 bn | 4.3 bn | 4.4 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 308.0 m | 296.2 m | 296.0 m | esef· 21 Oct 2026derived |
Cash flow · USD
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 12.64 – 43.60 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E12.64 – 43.60 (Mid 27.27)19 companies used · median multiple 19.8x · quartiles 9.2x – 31.6xABG.OL, ABTEC.OL, AFG.OL, AKER.OL, AKSO.OL, AKVA.OL, APR.OL, ARR.OL, ATEA.OL, AUSS.OL, B2I.OL, BONHR.OL, BOR.OL, BOUV.OL, BRG.OL, CLOUD.OL, DELIA.OL, ELK.OL, ELMRA.OL
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 11.8% | 64 (vs peers) | 38% |
| Net margin · Quality | 5.8% | 58 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 8.8x | 100 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 1.1x | 26 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet70/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality61/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SUBSEA 7 S.A. (SUBC.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 7.1 bn USD in 2025; YoY growth 3.6%; net margin 5.8%; ROE 9.5%.
The estimated value range is 12.64–43.60 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Interest coverage: 8.8x
What contradicts it
- Current ratio: 1.1x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −40% / −41% |
1- and 3-year price returns: for SUBC.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Subsea 7 S.A. is a global offshore energy services provider focused on subsea systems for oil and gas, carbon capture and storage, and fixed offshore wind. In 2025 it closed with revenue of 7.1 billion USD and a backlog of nearly 14 billion USD, while the proposed merger with Saipem still awaits regulatory clearance 1.
SWOT
Strengths
- The company has a high-quality backlog, a modern fleet of specialist vessels and a strong position in deepwater projects 1.
- The balance sheet is solid, with net cash at year end and strong cash generation that supports shareholder returns 1.
- The company has shown capability in executing complex projects, including software that extends vessel operability 1.
Weaknesses
- Activity depends heavily on capital spending by oil and gas clients, which is cyclical 1.
- The Corporate segment posted an operating loss in 2025, partly due to discontinuation costs and merger-related fees 1.
- Vessel utilisation fell in 2025 compared with the prior year, pointing to pressure on fleet efficiency 1.
Opportunities
- If investment in exploration and deepwater developments continues, the company could convert its backlog into higher revenue and margins 1.
- If the Saipem merger is approved, the company could benefit from scale and the synergies announced for later years 1.
- Carbon capture and storage and offshore wind could open new contracts for the existing fleet if clients commit on a long-term basis 1.
Threats
- Failure to obtain regulatory approval for the merger could create uncertainty and distract from operations 1.
- Competitive pressure and more onerous contract terms could reduce margins in the coming years 1.
- Changes in climate policy, regulation and subsidies could alter demand for the company's projects 1.
Risks
- Saipem mergerhigh
The merger may not receive the necessary approvals, and subsequent integration could bring operational interruptions and new legal liabilities 1.
- Industry cyclicalityhigh
Activity depends on energy prices and client decisions, which could reduce demand during periods of volatility 1.
- Technology risk on new projectsmedium
Demand for innovative solutions could accelerate construction before technologies are fully proven, creating performance risks 1.
- Competitive pressuremedium
Competition for contracts could lead to lower prices and more onerous terms, especially in periods of oversupply 1.
- Operational and geopolitical riskmedium
Operations in many countries are exposed to regulation, conflict, epidemics and natural events, a risk only partly passed on to clients through contracts 1.
Investment thesis
What would need to be true (bull case)
- If the backlog converts into growing revenue and margins and the merger delivers synergies, the company could sustain higher profitability over the medium term 1.
- A net cash balance and strong cash generation could allow consistent shareholder returns, subject to Board decisions 1.
- Demand for deepwater projects and integrated solutions could remain solid if clients keep investing in new developments 1.
What would break the thesis
- If the Saipem merger is not approved or is delayed, uncertainty could weigh on planning and management attention 1.
- Cyclical activity and commodity price volatility could reduce new project awards and pressure margins 1.
- Rising competition and industry consolidation could weaken the company's position as a specialised provider if large rivals integrate the value chain 1.
What to watch
- Regulatory decision on the proposed merger with Saipem2026
- Delivery of expected 2026 revenue and Adjusted EBITDA margin2026
- Development of the backlog and its conversion into revenuenext 10-K
- Level of capital expenditure and shareholder returns2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Subsea 7 reports results across three business units: Subsea and Conventional, which focuses on oil, gas and carbon capture and storage under the Subsea7 brand; Renewables, which handles fixed offshore wind and early floating wind studies under the Seaway7 brand; and Corporate, which includes the autonomous subsidiaries Xodus and 4Subsea 1. In 2025 the company completed 80 projects, had 13,821 people in 33 countries, and ended the year with 38 vessels 1.
The company describes its strategy as delivering offshore energy transition solutions, with a focus on the deepwater subsea market it considers economically attractive 1. Its model combines EPCI contracts and integrated services, including the Subsea Integration Alliance with OneSubsea for umbilicals, risers, flowlines and subsea production systems 1.
Revenue is dominated by fixed-price projects, while day-rate contracts are mainly used for pipelay vessels in Brazil 1. Management says it has become more selective in bidding to protect future financial performance 1.
Segments
Market context
Management says the deepwater market remains attractive to clients, with greater interest in exploration and appraisal to replenish reserves, while commodity price volatility has led clients to be more selective 1. In offshore wind, some markets have restructured, but the need for renewable energy remains clear according to the company 1.
Industry activity is cyclical and depends on energy prices and regulatory and subsidy decisions, while the supply chain involves over 8,000 suppliers 1. Vessel utilisation was 84% in 2025 compared with 86% the year before 1.
Trends
- Deepwater upcycletailwind
Management describes solid demand for deepwater projects, supported by renewed exploration and both greenfield and tie-back developments 1. If this cycle lasts, it could support backlog conversion and margins over the medium term 1.
- More realistic energy transitionmixed
Client strategies now include developing hydrocarbon resources alongside lower-carbon solutions, which opens room for oil and gas and CCS projects 1. The company sees this shift as reducing pressure on oil and gas demand but not removing it 1.
- Commodity price volatilityheadwind
Recent volatility in commodity prices has led clients to prioritise projects with the strongest returns, which could limit new awards 1. If prices fall in a sustained way, demand for subsea services could be affected 1.
- Larger offshore wind turbinesmixed
Bigger turbines, with a trend towards 20 MW for some developments, could exceed the capabilities of the current fleet, and fleet investment depends on long-term client commitments 1. Restructuring in some offshore wind markets adds uncertainty 1.
Competitive position
The company says competition for contracts can bring pricing pressure and more onerous terms, while consolidation through alliances and vertical or horizontal integration could threaten its profile as a specialised provider 1. It responds through differentiation, its modern fleet and partnerships with key clients 1.
The proposed merger with Saipem, which would create Saipem7 with about 60 specialist vessels, would change the competitive structure if approved by authorities 1. The annual report does not name individual competitors or give market shares 1.
- Saipem
Merger partner in the proposed Saipem7 combination, which would bring together the capabilities and fleets of both companies if approvals are obtained 1.
- OneSubsea
Partner in the Subsea Integration Alliance, and a potential competitor in integrated subsea solutions depending on the contract 1.
- Other offshore energy services providers
The source does not name competitors; it refers only to alliances and consolidation among offshore energy services companies 1.
- Offshore wind service providers
The source mentions competition in the offshore wind market without naming companies, stressing experienced clients and countries with clear regulation 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Subsea 7 S.A. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.