Subsea 7 rises after guidance hike, record order intake in Q2
** Shares in Subsea 7 SUBC.OL rise around 3% after the Norwegian offshore provider raised its FY guidance and posted a record backlog level at the end of Q2
** "Q2 order intake was a huge new record," Jefferies notes, saying the backlog increased 20% q/q to $12.5 bln, rising above the $11.8 bln record from Q3 2013
** Q2 order intake came in at $4 bln, equivalent to a book-to-bill ratio of 2.3 times
** "The company continues to see major new prospects for awards which continue to replenish the pipeline - as reflected in the company's prospect pipeline in its presentation, "RBC analyst Victoria McCulloch says
** Subsea 7 also released strong Q2 results beating consensus revenue and EBITDA forecasts by about 5% and 10%, respectively, according to McCulloch
Reporting by Tilla Sjaavaag
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