Q2 revenues reached $3.8bn, in line with consensus, and net income came in at $165m (vs. $55m in Q2 16). The adjusted EBITDA improved to $501m (+44% yoy). The backlog stood at $15.2bn, on the back of $3.2bn new orders (o/w Subsea $1.8bn, Onshore/Offshore $1.1bn, Surface Tech $0.3bn). 2017 guidance: - Subsea: revenue at least $6.1bn, EBITDA margin at least 17%; - Onshore/Offshore: revenue at least $7.3bn, EBITDA at least 8% (increased vs. 6.5% in 2016); - Surface Technologies: at least $1.4bn,
