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Handelsbanken Keeps

21 October 2010

Handelsbanken Capital Markets has raised the share price target on Oslo-listed oil service company Subsea 7 to NOK135 from NOK127 and reiterated its "accumulate" recommendation.

The broker said in a recent analysis it expects a seasonal increase in activity, but margins will be lower than the 24% reported in the past three quarters.

Handelsbanken also expects EBITDA of USD117.3m in the third quarter of 2010.

The broker estimates that the majority of regions will register a development flat on the previous quarter, except Brazil, which strengthened at the end of the second quarter of 2010.

By 09:16 CET on Thursday, shares in Subsea 7 had added 0.17% to NOK120.90 on the Oslo Stock Exchange (OSE).