Subsea7: beat & raise

Research evidence excerpt

Subsea7: beat & raise

Guillaume Delaby +33 1 42 13 62 29 guillaume.delaby@bernsteinsg.com 30 July 2026

DISCLOSURE APPENDIX

I. REQUIRED DISCLOSURES

References to "Bernstein" or the “Firm” in these disclosures relate to the following entities: Bernstein Institutional Services LLC

(April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,

2024 onwards), Sanford C. Bernstein (Hong Kong) Limited 盛博香港有限公司, Sanford C. Bernstein (Canada) Limited, Sanford

C. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited,

Sanford C. Bernstein Japan KK (サンフォード・C・バーンスタイン株式会社) and analysts employed by Société Générale

Africa Technologies & Services to produce Bernstein research under a Global Services Agreement in place between Bernstein

and Société Générale.

Bernstein is part of a joint venture between Société Générale (SG) and AllianceBernstein, L.P. (AB). Unless specifically noted

otherwise, for purposes of these disclosures, references to Bernstein’s “affiliates” relate to both SG and AB and their respective

affiliates.

VALUATION METHODOLOGY

Subsea 7 SA

Our PT of NOK240 is derived from a DCF with a WACC of 10%, $456m cash flow to perpetuity and a 2.5% LT growth rate.

RISKS

Downside risks: 1) the expected short-term boom in Norwegian O&G capex does not translate into a long-term sustained recovery

in O&G investment worldwide, 2) Subsea 7’s installation only business model — despite the JV with Schlumberger on integrated

projects — is challenged by TechnipFMC, 3) still-possible agency conflict between the main shareholder (Siem Industries) and

other minority shareholders.

RATINGS DEFINITIONS, BENCHMARKS AND DISTRIBUTION

EQUITY RATINGS DEFINITIONS