Q1 results: order intake was €0.9bn, o/w €0.45bn in Subsea and €0.48bn in Onshore/Offshore. The backlog was €15.0bn (€20.6bn in Q1 15). The adjusted revenue came in at €2.8bn (-4% yoy), beating consensus estimates. The adj. operating income from recurring activities was €237m (+38% yoy, vs. €196m expected by consensus). The underlying net income was also above expectations, at €145m (+35% yoy, vs. consensus €122m). Guidance 2016 confirmed: - S
