4Q14 results were good today, with strong order intake and bullish on 2015 outlook

The dividend increase of 8% was also a positive surprise

Overall the they beat mkt expectations especially in the subsea division and increased their current operating margin

Although I feel 2015 will be even tougher and would be happy MT to stay short we will step aside from the volatilty for now and cut our losses -10.3%



Monday • 05 January 2015 • 09:51

12% rally from the lows in December due to the stabilisation in oil prices. Oil stocks have caught back up to the oil price and overshot

Since then brent has broken $60 and is heading lower for me

Strong USD and weak China data in December will continue to drag

Oil service stocks will continue to see backlog decline and projects being delayed as the majors optimise operating free cash flow

According to Il Sole 24 Ore, the potential integration between Saipem and Technip might resurface. Imagine the disaster that would be!

Was not long ago that Technip where bidding for CCG. That may well resurface as well which would not be taken well

There are still downgrades to come in the sector

Short half the total position here