Content

Macro views on Subsea 5
The Subsea Industry 43
The Subsea Companies 82
Financials & valuation 100
Aker Solutions (OW (V), TP NOK105) 100
Financials & valuation 109
Cameron (OW (V), TP USD29) 109
Financials & valuation 116
FMC Tech (OW (V), TP USD33) 116
Financials & valuation 123
Technip (OW (V), TP EUR42) 123
Financials & valuation 127
Wellstream (OW (V), TP 900p) 127
Valuations & risks 128
Company financials 135
Disclosure appendix 168
Disclaimer 172
Contents