Subsea 7 (SUBC) Stock Overview
Subsea 7 S.A. delivers offshore projects and services for the energy industry worldwide. More details
| Snowflake Score | |
|---|---|
| Valuation | 2/6 |
| Future Growth | 2/6 |
| Past Performance | 5/6 |
| Financial Health | 5/6 |
| Dividends | 3/6 |
SUBC Community Fair Values
Create NarrativeSee what 33 others think this stock is worth. Follow their fair value or set your own to get alerts.
Analyst Price Targets
Top Community Narratives
Subsea 7
11.0% overvalued intrinsic discount
Subsea 7 Set for a Strong Q2 with Promising Upside in June
View narrativeMR
Published 24 Apr 2025
Subsea 7 S.A. Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | NOK 322.00 |
| 52 Week High | NOK 358.20 |
| 52 Week Low | NOK 180.10 |
| Beta | 0.60 |
| 1 Month Change | -3.71% |
| 3 Month Change | -6.72% |
| 1 Year Change | 59.72% |
| 3 Year Change | 123.15% |
| 5 Year Change | 414.38% |
| Change since IPO | 265.91% |
Recent News & Updates
Narrative Update • Sep 08
SUBC: Contract Wins And Execution In 2026 Will Support Higher Earnings Multiple
Analysts have modestly reduced the Subsea 7 fair value estimate from NOK 457.16 to NOK 445.43. Recent price target increases from NOK 330 to as high as NOK 430, along with updated assumptions on discount rate, revenue growth, profit margin and future P/E, help explain the shift in their pricing framework.
Narrative Update • Aug 25
SUBC: Higher P E Multiple Will Pressure Future Returns If Execution Falters
Subsea 7's analyst price target has been revised higher to a range of NOK 330 to NOK 430. This reflects updated views from analysts who point to improved ratings and refreshed valuation assumptions, despite modest adjustments to fair value, discount rate, revenue growth, profit margin and future P/E inputs.Narrative Update • Aug 11
SUBC: Saipem Merger Progress And Backlog Strength Will Support Higher Earnings Multiple
The updated analyst price target for Subsea 7 reflects a move higher from NOK 438.35 to NOK 457.16, broadly in line with a series of recent target increases and ratings upgrades from analysts who cite adjustments to fair value, discount rate, revenue growth, profit margin and future P/E assumptions. Analyst Commentary Recent Street research on Subsea 7 points to a cluster of higher price targets and rating upgrades in 2026.Recent updates
Narrative Update • Sep 08
SUBC: Contract Wins And Execution In 2026 Will Support Higher Earnings Multiple
Analysts have modestly reduced the Subsea 7 fair value estimate from NOK 457.16 to NOK 445.43. Recent price target increases from NOK 330 to as high as NOK 430, along with updated assumptions on discount rate, revenue growth, profit margin and future P/E, help explain the shift in their pricing framework.Narrative Update • Aug 25
SUBC: Higher P E Multiple Will Pressure Future Returns If Execution Falters
Subsea 7's analyst price target has been revised higher to a range of NOK 330 to NOK 430. This reflects updated views from analysts who point to improved ratings and refreshed valuation assumptions, despite modest adjustments to fair value, discount rate, revenue growth, profit margin and future P/E inputs.Narrative Update • Aug 11
SUBC: Saipem Merger Progress And Backlog Strength Will Support Higher Earnings Multiple
The updated analyst price target for Subsea 7 reflects a move higher from NOK 438.35 to NOK 457.16, broadly in line with a series of recent target increases and ratings upgrades from analysts who cite adjustments to fair value, discount rate, revenue growth, profit margin and future P/E assumptions. Analyst Commentary Recent Street research on Subsea 7 points to a cluster of higher price targets and rating upgrades in 2026.
Narrative Update • Jul 28
SUBC: Order Awards And Merger Review Will Shape Balanced Future Prospects
The analyst price target for Subsea 7 has been raised from NOK 274.67 to NOK 352.69, reflecting analysts' updated assumptions for higher revenue, a stronger profit margin and a slightly higher future P/E multiple following a series of recent price target increases and rating changes across the Street. Analyst Commentary Recent research updates on Subsea 7 show a cluster of higher price targets and rating changes, giving investors more detail on how the Street is thinking about the stock's valuation, growth prospects and execution risks.Narrative Update • Jul 14
SUBC: Elevated P E Multiples Will Strain Returns As Execution Risks Intensify
The analyst price target for Subsea 7 has been raised from NOK 233.20 to NOK 245.88. Analysts point to updated assumptions for revenue growth, profit margins and a lower future P/E multiple, alongside recent Street targets clustered around NOK 370, as the key drivers of the change.Narrative Update • Jun 29
SUBC: Rising Contract Wins And Backlog Will Support Higher Future Earnings Multiple
The Subsea 7 analyst price target has been revised higher to NOK 438 from NOK 428. Analysts point to updated assumptions for fair value, revenue growth, profit margin and future P/E to justify the change, despite a slightly lower discount rate.Narrative Update • Jun 15
SUBC: Elevated P E Multiples Will Strain Returns Despite New Long Dated Contracts
Analysts have nudged their fair value estimate for Subsea 7 slightly higher to NOK 233.20, supported by a series of recent price target increases on the stock, including one move to NOK 370, partly offset by a few downgrades. Analyst Commentary Recent Street research on Subsea 7 has been mixed.Narrative Update • Jun 01
SUBC: Elevated P E Multiples Will Challenge Returns Despite Recent Contract Wins
Subsea 7’s analyst price target has been raised from NOK 192.81 to NOK 232.39, reflecting updated analyst views that factor in higher projected P/E multiples, a slightly higher discount rate, modestly improved profit margins and softer revenue expectations, alongside a series of recent price target increases and some downgrades across the Street. Analyst Commentary Recent Street research on Subsea 7 shows a mix of higher price targets and fresh caution.Narrative Update • May 16
SUBC: High Utilization And Contract Backlog Will Support Higher Future Earnings Multiple
Analysts have raised Subsea 7’s fair value estimate from NOK 399.43 to NOK 427.76, reflecting revised price targets across several firms and updated assumptions for discount rates, revenue growth, profit margins and future P/E levels. Analyst Commentary Recent Street research on Subsea 7 shows a mix of optimism and caution, with several bullish analysts lifting price targets while others have turned more cautious with downgrades.Narrative Update • Apr 28
SUBC: High Utilization And New Contracts Will Support Higher Future Earnings Multiple
The analyst fair value estimate for Subsea 7 has been lifted by about 3% to NOK 399.43. The shift reflects recent price target increases from several firms, alongside analyst commentary pointing to steady revenue growth assumptions, slightly stronger margin expectations, and a higher future P/E multiple, despite a series of rating downgrades on the shares.Narrative Update • Apr 14
SUBC: Rising Multiples And Weaker Margins Will Constrain Future Share Price Upside
The analyst price target for Subsea 7 has been increased from NOK 174.64 to NOK 192.81 as analysts factor in higher Street targets in the NOK 254 to NOK 320 range, supported by research citing strong recent utilization, firmer margins and expectations that these operational trends will persist into FY26. Analyst Commentary Recent Street research shows a mix of optimism on Subsea 7, with several large houses lifting price targets into the NOK 254 to NOK 320 range, while keeping ratings such as Buy, Overweight, Neutral and Sector Perform.Narrative Update • Mar 31
SUBC: High Utilization And New Contracts Will Support Future Multiple Reassessment
The updated analyst price target for Subsea 7 moves higher in value, supported by a series of recent target increases from NOK 254 to NOK 320 by major banks, along with analyst commentary around utilization, margins and earnings expectations. Analyst Commentary Recent research points to a cluster of more optimistic views on Subsea 7, with several bullish analysts lifting price targets and highlighting operational execution and earnings potential as key supports for valuation.Narrative Update • Mar 17
SUBC: Offshore Backlog And Margin Sustainability Will Shape Balanced Future Prospects
The updated analyst price target for Subsea 7 rises from NOK 228.39 to NOK 274.67, reflecting analysts' higher NOK 254 to NOK 320 price targets that cite Q4 results with high utilization and firmer margins as key support. Analyst Commentary Recent research updates show a wide range of views on Subsea 7, with several bullish analysts lifting price targets while others have moved to more cautious stances.Narrative Update • Mar 03
SUBC: Contract Wins And Margin Trajectory Will Support Future Multiple Reassessment
The updated analyst price target for Subsea 7 rises materially from NOK 309.15 to NOK 367.57, reflecting analysts' focus on higher assumed revenue growth, stronger profit margins backed by recent commentary on utilization and margins, and a slightly lower future P/E assumption. Analyst Commentary Recent Street research on Subsea 7 shows a mix of views, but the most constructive voices are pointing to higher price targets and an improved outlook on utilization and margins.Narrative Update • Feb 16
SUBC: Contract Wins And Margin Outlook Will Support Future Multiple Reassessment
The updated analyst price target for Subsea 7 edges higher to NOK 309 from about NOK 307, as analysts balance recent downgrades from several banks with JPMorgan's NOK 17 upward revision and modest tweaks to the discount rate, revenue growth, profit margin and future P/E assumptions. Analyst Commentary Recent research on Subsea 7 shows a split view, with several downgrades sitting alongside a higher price target from JPMorgan.Narrative Update • Feb 02
SUBC: Contract Backlog And Margin Outlook Will Support Earnings Multiple Reassessment
Analysts have lifted their price target on Subsea 7 by NOK 17 to NOK 208, citing updated assumptions around fair value, discount rate, revenue growth, profit margin and future P/E that align with recent Street research revisions. Analyst Commentary Recent Street commentary on Subsea 7 has focused on how updated valuation assumptions feed into revised price targets, with JPMorgan playing a visible role in the latest adjustments.Narrative Update • Jan 19
SUBC: Future Contract Pipeline Will Support Earnings Multiple Reassessment
Analysts have trimmed their price expectations for Subsea 7, with JPMorgan lowering its target from NOK 212 to NOK 208. Our updated fair value framework now reflects more conservative assumptions on growth and margins, along with a higher future P/E multiple.Narrative Update • Jan 05
SUBC: Offshore Contract Backlog And Margin Outlook Will Shape Balanced Prospects
Analysts have nudged their fair value estimate for Subsea 7 slightly higher to NOK 228.39, while Street targets have moved from NOK 212 to NOK 208, reflecting updated views on revenue growth, profitability and the appropriate P/E multiple. Analyst Commentary Bullish Takeaways Bullish analysts see the updated fair value estimate of NOK 228.39 as leaving a modest gap to the revised NOK 208 target.Narrative Update • Dec 14
SUBC: Long Term Revenue Concerns Will Restrain Future Share Price Upside
Analysts have modestly trimmed their price target on Subsea 7 to NOK 208 from NOK 212, reflecting slightly lower long term revenue growth expectations, partly offset by improved margin and valuation assumptions. Analyst Commentary Bearish analysts point to the modest price target cut to NOK 208 as a signal that expectations for Subsea 7's long term revenue trajectory are being recalibrated, even as near term fundamentals appear solid.Narrative Update • Nov 29
SUBC: Margin Expansion And Major Offshore Contracts Will Drive Share Performance
The analyst price target for Subsea 7 has been adjusted downward by NOK 4 to NOK 208. Analysts cite evolving revenue growth and industry-wide preferences for companies with stronger growth prospects.Narrative Update • Nov 15
SUBC: Major Contracts And Sector Shifts Will Drive Future Outperformance
Analysts have slightly reduced their fair value price target for Subsea 7 from NOK 229.88 to NOK 228.56. This change reflects updated expectations for growth and margin performance based on recent industry research.Narrative Update • Oct 31
SUBC: Recent Contract Wins And Dividend Initiatives Will Drive Upside Momentum
Analysts have modestly raised their average price target for Subsea 7, now forecasting NOK 229.88 per share. They note the company's stable outlook is supported by steady profit margins and a slight uptick in the discount rate.Narrative Update • Oct 17
Offshore Wind And Oil Projects Will Fuel Future Decarbonization
Analysts have increased their fair value estimate for Subsea 7 from NOK 223.06 to NOK 229.88. This change reflects improved revenue growth forecasts and recent price target updates by several firms.Narrative Update • Oct 03
Offshore Wind And Oil Projects Will Fuel Future Decarbonization
The analyst price target for Subsea 7 has increased from NOK 218.18 to NOK 223.06, reflecting analysts’ expectations for resilient performance and ongoing sector growth, even though some macroeconomic outlooks remain cautious. Analyst Commentary Recent Street research provides a nuanced view on Subsea 7's outlook, reflecting both confidence in the company's ongoing growth potential and caution about market dynamics.Narrative Update • Sep 16
Offshore Wind And Oil Projects Will Fuel Future Decarbonization
Analysts revised Subsea 7’s price target slightly lower to NOK218.18, citing macro uncertainty, elevated valuations, and share price strength prompting caution despite ongoing operational improvements and peer outperformance. Analyst Commentary Ongoing preference for oilfield services companies with self-help levers and superior growth prospects in the European market compared to exploration and production peers.New Narrative • May 02
Subsea 7 Set for a Strong Q2 with Promising Upside in June
Q1 knappast någon viktig katalysatorOrderingången för Subsea 7 i Q1 kommer sannolikt att vara liten och till största delen bestå av utökningsordrar (kommer troligen att ligga omkring drygt 500 miljone
New Narrative • Jan 26
Robust $11 Billion Backlog Will Positively Impact Future Earnings And Cash Flow
Subsea7 anticipates strong EBITDA growth with a robust backlog and strategic deepwater contract focus, positively impacting earnings and cash flow.Shareholder Returns
| SUBC | NO Energy Services | NO Market | |
|---|---|---|---|
| 7D | -1.3% | -0.5% | 0.5% |
| 1Y | 59.7% | 38.7% | 22.6% |
Return vs Industry: SUBC exceeded the Norwegian Energy Services industry which returned 38.7% over the past year.
Return vs Market: SUBC exceeded the Norwegian Market which returned 22.6% over the past year.
Price Volatility
| SUBC volatility | |
|---|---|
| SUBC Average Weekly Movement | 4.5% |
| Energy Services Industry Average Movement | 4.1% |
| Market Average Movement | 4.6% |
| 10% most volatile stocks in NO Market | 10.5% |
| 10% least volatile stocks in NO Market | 2.6% |
Stable Share Price: SUBC has not had significant price volatility in the past 3 months compared to the Norwegian market.
Volatility Over Time: SUBC's weekly volatility (4%) has been stable over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 1993 | 13,667 | Stuart Fitzgerald | www.subsea7.com |
Subsea 7 S.A. delivers offshore projects and services for the energy industry worldwide. The company offers subsea field development products and services, including project management, design and engineering, procurement, fabrication, survey, installation, and commissioning of production facilities on the seabed and the tie-back of its facilities to fixed or floating platforms or to the shore. It also provides remotely operated vehicles and tooling services to support exploration and production activities and to deliver full life-of-field services; procurement and installation of offshore wind turbine foundations and inter-array cables, as well as heavy lifting operations for renewables structures and heavy transportation services; and engineering and advisory services to clients in the oil and gas, renewables, and utilities industries.
Subsea 7 S.A. Fundamentals Summary
| SUBC fundamental statistics | |
|---|---|
| Market cap | NOK 95.24b |
| Earnings (TTM) | NOK 5.71b |
| Revenue (TTM) | NOK 70.05b |
16.7x
P/E Ratio1.4x
P/S RatioIs SUBC overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| SUBC income statement (TTM) | |
|---|---|
| Revenue | US$7.52b |
| Cost of Revenue | US$6.14b |
| Gross Profit | US$1.38b |
| Other Expenses | US$768.50m |
| Earnings | US$613.00m |
Last Reported Earnings
Jun 30, 2026
Next Earnings Date
Nov 19, 2026
| Earnings per share (EPS) | 2.07 |
| Gross Margin | 18.38% |
| Net Profit Margin | 8.15% |
| Debt/Equity Ratio | 11.3% |
How did SUBC perform over the long term?
See historical performance and comparisonDividends
3.8%
Current Dividend Yield62%
Payout RatioCompany Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/09/11 17:33 |
| End of Day Share Price | 2026/09/11 00:00 |
| Earnings | 2026/06/30 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Subsea 7 S.A. is covered by 35 analysts. 17 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| James West | Barclays |
| Michael Pickup | Barclays |
| Richard Dawson | Berenberg |