Off Shore & Marine: OffShore Specialist DNB Nor has a strategy Report on the O&M Sector, follow Quarterly results review. Note that results generally in line with above-consensus estimates, and total rev reported was USD4,322m and EBITDA was USD881m, noting Higher activity and stable margins…

Best performers was STX OSV (BUY) reported the best quarterly performance, while Otto Marine’s (SELL) performance was the worst with reported losses exceeding below-consensus estimates. See the weakness from the Middle East tensions as a good opportunity to pick up selective stocks….

Top picks for the sector are STX OSV and Jaya. Top pair trading idea: long Jaya and short Otto Marine. Identified Otto Marine, Ezra, Falcon Energy and Swiber as those companies with needs for capital.