Among European oilfield services, MS prefers offshore-leveraged names

Vallourec SA

09/06/2025 08:57

** Morgan Stanley expands coverage in European oilfield services companies in three sub-segments: floating production storage and offloading (FPSO), oil country tubular goods (OCTG) and liquefied natural gas (LNG) membranes

** It favours offshore-leveraged names, stating that "despite the soft oil price outlook in the near term, stock picking can still unlock value"

** It starts coverage of SBM Offshore SBMO.AS with "overweight", Vallourec VLLP.PA with "equal-weight" and GTT GTT.PA  with "underweight"

** Shares in France's GTT fall 1.7%, paring earlier losses of more than 9%, those in Vallourec fall 1.6%, while SBM Offshore rises 2%

 (Reporting by Olivier Cherfan)

 ((olivier.cherfan@thomsonreuters.com))