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Credit Suisse: Cameron has an edge in subpar subsea equipment market

  • The market for subsea equipment likely will slip a bit in 2014 as the oil and gas industry transitions from exploration to development, and the more diversified companies which aren't as subject to niche cycles will be the winners, Credit Suisse says.
  • Cameron International (CAM) has an edge on peers, the firm believes, noting that 524 subsea trees have been awarded in 2013 YTD with 53% of awards in Q3 going to CAM's OneSubsea; FMC Technologies (FTI) is more exposed.
  • The long-term outlook for subsea equipment remains strong, but 2014 will likely result in an air pocket due to accelerated orders from the likes of Petrobras (PBR) in 2013, Credit Suisse adds.
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