The good news comes from the reassuring guidance after the difficult Q1. Subsea is higher than our estimates (and consensus). Overall, EBITDA for FY20 has been revised by $350-400m above Q4 19 guidance to c. $1.1bn, and above our estimates ($940m).
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Q2: situation stabilises
The good news comes from the reassuring guidance after the difficult Q1. Subsea is higher than our estimates (and consensus). Overall, EBITDA for FY20 has been revised by $350-400m above Q4 19 guidance to c. $1.1bn, and above our estimates ($940m).