Ezra

Ezra: DnB NOR: reiterate Sell with $1.45. Add that new subsea contracts are positive, however, the impact is smaller due to lower initial order book. Lowers FY11E EPS by 5%, current subsea backlog of US$254m and target of US$1b over the nx 12-18mths, imply new order intake of USD750m vs new order estimate of US$550m over the same period. House would be positive if target is not achieved at the expense of margins, however currently, uncomfortable to increase the values of Ezra's subsea fleet.