Subsea 7 Sinks to Five-Year Low
Oil services company, Subsea 7, saw its stock price hit a five-year low after dropping below NOK 55 on Wednesday.
Despite the latest job offshore Egypt, the shares have dived approximately 60 percent since 2011 form NOK 150 (NOK 154.9 in April 2012).
The stock has fallen some 36 percent since May this year after the SURF major was forced to adjust to difficult oil and gas market conditions by reducing its fleet by 11 ships and its global workforce by some 2500 positions.
The Oslo-listed company is among many faced with the challenges the plunging oil prices brought in 2015. Namely, the Europe’s largest oilfield-services provider Technip sank to 5-year low in September last year to little above €40, and is being traded at less than €42 on Wednesday (Jan. 06, 2016). In addition, other players like Aker Solutions are trading at some NOK 27 while FMC Technologies closed yesterday at $28.81.
Subsea World News Staff