Another quarter of bullish offshore commentary from the EU Oil Services has passed, but have we seen orders peak? We think it''s just the start of a more structural recovery than appreciated by the market as shale growth cools and offshore responds to the call for increased supply. Offshore outlook: still warming 2022 was a good year for Offshore Oil Services with 38 Final Investment Decisions (FIDs) and the highest level of subsea tree awards to the market since 2013. But with US production growth slowing as shale EandPs maintain discipline, the client base is jostling to secure rationalised International and offshore service capacity for future projects. We still think the market has yet to fully appreciate the increase in the offshore project opportunity set. Project tracker 1Q23 update: Potential for 44 FIDs in 2023, highest since 2013 We have updated our proprietary Offshore Project Tracker post Q1, available for download here. We count the potential for 44 FIDs in 2023 on a risked basis, up by two since our last update in January. We expect the pace of project sanctions to increase through the remainder of the year, with five FIDs taken YTD. LATAM, Africa and the Middle East remain the most active regions for sanctioning activity and near-term award potential. We detail key projects to watch and bidding detail from our bottom-up tracking of project newsflow overleaf. Consensus order forecasts still light of our expectations While consensus for offshore order intake has increased over recent months, we still see upside of 20% to estimates in 2023 for SUBC and SPM which could support a re-rating in the shares alongside confirmation of margin recovery and pricing commentary on the conference calls. Preferred offshore picks: Saipem (+), Subsea 7(+) and TechnipFMC (+) We remain Outperform on Saipem (27% upside), Subsea 7 (43%) and TechnipFMC (45%), with offshore installation and drilling our favoured subsectors given the relatively high...