Q4 revenue was $3.7bn (-16% yoy). The adjusted EBITDA came in at $573m (+9% yoy), resulting in an adjusted EBITDA margin of around 15.6%, which is 435bp above consensus. The company reported a net loss of $154m (-$0.33 per share), which was mainly impacted by a non-cash charge resulting from the tax reform. The order intake came in at $3bn (vs. $2.5bn in Q3), mainly boosted by several significant awards in the Subsea division at the end of December. Management has confirmed 2018 guidance and
