The Subsea Boys – Robust Awards Continue

Research evidence excerpt

The Subsea Boys – Robust Awards Continue

Global | Oil Services & Equipment EquityJulyResearch20, 2026

KEY STOCKS FEATURED INCLUDE:The Subsea Boys – Robust Awards Continue

Jefferies Subsea/Offshore Capex tracker suggests another robust quarter TICKER RATING PRICE TARGET

for awards, with $10bn across our seven-stock sample in 2Q26, +5% y/y, up SPM IM BUY €6.00

q/q and supporting our structural investment case for Subsea developers. SUBC NO BUY NOK440.00

We estimate FTI announced its 50th integrated iEPC award. EQNR CMD FTI BUY $85.00

increased its Subsea activity outlook for Norway. ENI has sanctioned 4

major offshore projects so far this year. The Saipem 7 merger, however, is

seeing closer anti-trust scrutiny.

Quarterly Awards to Jefferies Subsea Capex

SUBC close to record backlog levels once again. Confirmation of the supermajor (>$1.25bn) Tracker

Sepia-2 SURF award to Subsea 7 from Petrobras for pre-salt deep-water Brazil is the largest US$bn

component of $1.6-2.0bn of announced awards for Subsea 7 in 2Q. Additional variation orders 20 Subsea/Offshore

15.0and unannounced work mean the company usually exceeds the upper end of the announced 16 Offshore wind/CCS 14.9 16.6

range, but above 1x book-to-bill is a virtual certainty, in our view, meaning 2Q26 backlog likely 12 10.0

pushing back towards the record $13.9bn seen in 3Q25 (Exhibits 10-12). SUBC results on 30 8

July. 4

FTI fifty not out for integrated iEPC awards. We estimate that Var Energi's "large iEPCI" 2Q 0

2Q16 1Q17 4Q17 3Q18 2Q19 1Q20 4Q20 3Q21 2Q22 1Q23 4Q23 3Q24 2Q25 1Q26 4Q26eaward for the Ofelia and Gjøa Nord projects in Norway is the 50th such integrated iEPCI award .

announced by FTI globally since 2016 (c.$22bn in total value, see Exhibit 19 for full list). Source: Jefferies estimates, company data