SUBC announced award of the Ehra North contract from Esso, Nigeria.
Broker Fearnley comments how SUBC have secured a number of contracts lately with 4th quarter order intake of an impressive US$1.9bn.
The contract awards builds confidence in the SUBC case, providing credibility towards the growth story. Like Fearnley we believe the subsea world looks very attractive supported by the growing UDW drilling fleet. The likes of Oceaneering International with its dominant ROV fleet are well placed to benefit over the coming years, hence the premium valuation