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Global offshore contractor installing subsea pipelines, umbilicals and structures for oil, gas and offshore wind projects.
Global offshore contractor installing subsea pipelines, umbilicals and structures for oil, gas and offshore wind projects.
Wins projects through tenders from oil companies and offshore wind developers, mostly under fixed-price contracts, and books revenue as vessels and fabrication yards deliver, so margins hinge on execution and weather. It owns the specialized installation ships and fabrication yards itself instead of renting them.
In one line: No direct US peer; comparable to TechnipFMC's subsea arm.
Moat: narrow (installed base, process know-how, scale). Specialized vessel fleet and deepwater installation expertise are capital-intensive to replicate.
Headquarters: Luxembourg City, Luxembourg · Founded: 1993 · Employees: 13,821
Size Subsea 7 (SUBC.OL) is a Norway Energy company (Oilfield Services/Equipment) with a market value of $9.71B, the 12th largest of 115 Norway companies the cockpit tracks. Shares closed at NOK 304.80 on 6 Nov 2026.
Performance Over six months the shares fell 5.2%, against -14.4% for the median peer and +2.7% for the Norway market (cap-weighted) — 2nd highest of 13 in its peer set.
Growth Revenue fell 1.7% over the last twelve months (peer median +8.1%); the operating margin is 13.5% (peer median 19.3%).
Valuation It trades at 12.4× forward earnings against a peer median of 16.2× (3rd cheapest of 13).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +18%, so the hurdle is -20 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 7.9 points above its cost of capital (10.7% WACC).
Next results Next results expected around 19 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NOK 74.0B | NOK 73.6B | NOK 73.5B | NOK 63.1B | NOK 49.4B |
| Revenue growth | — | 0% | +16% | +28% | — |
| Gross profit | NOK 13.4B | NOK 11.0B | NOK 7.36B | NOK 4.40B | NOK 2.89B |
| EBITDA | NOK 16.6B | NOK 15.0B | NOK 11.3B | NOK 7.68B | NOK 5.42B |
| Net income | NOK 5.98B | NOK 4.27B | NOK 2.17B | NOK 163M | NOK 549M |
| Free cash flow | NOK 16.6B | NOK 12.3B | NOK 5.75B | NOK 542M | NOK 2.49B |
| Capital expenditure | NOK 2.48B | NOK 2.92B | NOK 3.75B | NOK 6.15B | NOK 2.22B |
| Total debt | NOK 8.47B | NOK 9.42B | NOK 13.4B | NOK 13.2B | NOK 6.04B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Subsea 7 SUBC.OL | $9.71B | -5% | -2% | 13% | 12.4× | -2.4% |
| TechnipFMC FTI | $24.7B | -9% | +8% | 16% | 17.4× | 3.7% |
| Saipem SPM.MI | $9.38B | -9% | +2% | 4% | 27.1× | 6.9% |
| Aker Solutions AKSO.OL | $1.89B | -17% | -9% | 5% | 5.8× | -14.7% |
| Oceaneering International OII | $3.40B | -6% | +3% | 10% | 17.2× | 3.3% |
| Seatrium 5E2.SI | $4.77B | -19% | +11% | 4% | 13.0× | 4.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SUBC.OL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.8% | -8.9% | 4th highest of 13 |
| 6-month return | -5.2% | -14.4% | 2nd highest of 13 |
| Distance from 52-week high | -14.9% | -26.2% | 2nd highest of 13 |
| Revenue growth (TTM) | -1.7% | +8.1% | 2nd lowest of 13 |
| Operating margin | 13.5% | 19.3% | 3rd lowest of 13 |
| Forward P/E | 12.4× | 16.2× | 3rd cheapest of 13 |
| Growth the price implies (Req g, 7 yrs) | -2.4% | 3.3% | 3rd least demanding of 11 |
| Growth delivered (Del g) | +17.7% | +10.1% | 3rd highest of 11 |
| Hurdle (Req g minus delivered) | -20.0 pp | -9.0 pp | 2nd least demanding of 11 |
| ROIC minus cost of capital | +7.9 pp | +3.2 pp | 3rd highest of 13 |
| EV / EBITDA | 5.3× | 9.3× | cheapest of 12 |
| Net debt / EBITDA | -0.1× | 2.7× | 2nd least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Subsea 7 SUBC.OL | Norway | $9.71B | -5% | -2% | 13% | 12.4× | -2.4% | +17.7% |
| Yantai Jereh Oilfield Services 002353.SZ | China | $12.2B | -42% | +13% | 19% | 24.1× | 14.8% | +14.5% |
| NOV NOV | United States | $6.26B | -9% | -1% | 6% | 14.8× | 6.8% | +7.6% |
| Weatherford International WFRD | United States | $6.12B | -17% | -6% | 14% | 13.4× | -4.0% | +5.9% |
| SBM Offshore SBMO.AS | Netherlands | $6.08B | -8% | +1% | 31% | 6.2× | -14.4% | +11.3% |
| Archrock AROC | United States | $4.83B | -25% | +4% | 39% | 13.8× | 2.8% | +11.2% |
| Cactus WHD | United States | $4.67B | +7% | +40% | 19% | 16.8× | 14.1% | +25.4% |
| Solaris Energy Infrastructure SEI | United States | $4.63B | -21% | +71% | 24% | 16.8× | n/a | n/a |
| Kodiak Gas Services KGS | United States | $4.21B | -40% | +8% | 33% | 17.0× | 9.3% | +19.7% |
| TechnipFMC FTI | United States | $24.7B | -9% | +8% | 16% | 17.4× | 3.7% | +8.5% |
| USA Compression Partners LP USAC | United States | $3.62B | -11% | +29% | 29% | 15.6× | -0.4% | +8.4% |
| Halliburton HAL | United States | $26.3B | -20% | +2% | 13% | 11.7× | -0.3% | +9.0% |
| Waterbridge Infrastructure LLC WBI | United States | $3.06B | -9% | +103% | 17% | 40.2× | n/a | n/a |