This report provides a 2Q26 earnings preview for the European Energy Services sector, emphasizing risks surrounding the Strait of Hormuz and order momentum.
Key Takeaways
- 1.Expect focus on new orders momentum, guidance downgrade risks regarding navigation around the Strait of Hormuz, and execution risks.
- 2.Analyst preference remains for Offshore names due to resilience against oil price volatility and compelling multiples.
Table of Contents
- Key Takeaways
- ENERGY SERVICES
- WHAT'S CHANGED
- Preview to earnings
- Housekeeping
- Financial Summaries
- Risk Reward – Subsea 7 (SUBC.OL) Top Pick
- Risk Reward – SBM Offshore NV (SBMO.AS)
- Risk Reward – Saipem (SPMI.MI)
- Risk Reward – Technip Energies NV (TE.PA)
- Risk Reward – Vallourec (VLLP.PA)
- Risk Reward – GTT (GTT.PA)
- Risk Reward Reference links
- Disclosure Section
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Authors
Guilherme LevyMartijn RatsAlice Bergier Winograd
Securities
SUBC.OLSBMO.ASSPMTE.PAVK.PAGTT.PA
Themes
Energy transitionOffshore energy project cycleStrait of Hormuz (SoH) disruption
Regions
EuropeMiddle EastUnited StatesBrazil