Management has called the shape of the downturn pretty well and has been proactive in securing work, which has enhanced its competitive position. This will not translate to a sharp earnings recovery in the short term although mid-cycle potential is arguably much improved. India adds a new dimension and its ramp-up phase will be keenly watched. Overall, SFR has performed creditably in very tough conditions though there is no obvious near-term catalyst to drive share price outperformance.

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