Saxo Bank head of equity strategy Peter Garnry is looking to buy Subsea 7. He says that the firm's Q1 earnings provided a glimpse of what makes Subsea 7 a great company.

According to Garnry, the company managed to offset revenue decline by aggressive cost-cutting, preserving its attractive operating margin. He adds that the order intake and backlog looked good despite the Q1 revenue miss.

Garnry thinks that the stock is the best high-beta play should oil prices continue to rally in 2016.