Petroleum Geo-Services is engaged in providing geophysical services and oil and gas production services. As of Dec. 31, 2001, Co. operated six Ramform design vessels in its marine seismic data acquisition operations.
  • TickerPGS
  • ISINNO0010199151
  • ExchangeOslo Bors
  • SectorOil Equipment, Services & Distribution
  • CountryNorway
Håkon Astrup ...
  • Jon Masdal
  • Martin Arnell
  • Martin Huseby Karlsen
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Patrik Ling
  • Stefan Gauffin
  • Tomi Railo

Northern Lights

Jon Masdal

PGS (Hold, TP: NOK3.50) - Good at first glance, but softer after discussion with company

PGS reported segment sales of USD138m, versus our expectation of USD132m and consensus of USD121m. However, this was driven by cUSD15m in pending pre-funding booked in Q2, which we believe most had expected for later in the year. With weak contract rates, we expect to see downward revisions to consensus on the back of the report.

Haakon Amundsen ...
  • John Olaisen

PGS - Q2 slighly better than feared

Q2 revenues of USD138m is 9% > FactSet No comment on liquidity Marginally positive, but it will not rock the boat

John Olaisen

Powerpoint Sector Report - Seismic market update and Q2 previews

We see the seismic market as weak in Q2 and Q3, but Q4 could see improvements. TGS (BUY) will pre-announce Q2 on Wednesday, 8 July: expectations are low (we see late-sales -68% y-o-y). PGS (HOLD) will pre-announce Q2 on Thursday, 9 July: likely negative FCF and balance sheet focus.

Jon Masdal

PGS (Hold, TP: NOK3.50) - Good at first glance, but softer after discussion with company

PGS reported segment sales of USD138m, versus our expectation of USD132m and consensus of USD121m. However, this was driven by cUSD15m in pending pre-funding booked in Q2, which we believe most had expected for later in the year. With weak contract rates, we expect to see downward revisions to consensus on the back of the report.

Haakon Amundsen ...
  • John Olaisen

PGS - Q2 slighly better than feared

Q2 revenues of USD138m is 9% > FactSet No comment on liquidity Marginally positive, but it will not rock the boat

John Olaisen

Powerpoint Sector Report - Seismic market update and Q2 previews

We see the seismic market as weak in Q2 and Q3, but Q4 could see improvements. TGS (BUY) will pre-announce Q2 on Wednesday, 8 July: expectations are low (we see late-sales -68% y-o-y). PGS (HOLD) will pre-announce Q2 on Thursday, 9 July: likely negative FCF and balance sheet focus.

Jon Masdal

PGS (Hold, TP: NOK3.50) - The clock is ticking

With the legacy bank debt due on 18 September, PGS needs to take action quickly. We are in line with consensus on Q2e (pre-announcement due on 9 July). In our view, the risk to the current equity increases as we approach the due date, but our base case remains a constructive refinancing. We reiterate our HOLD and NOK3.50 target price.

Haakon Amundsen ...
  • John Olaisen

PGS - PGS lowering cost base by ~30%

“Run rate” Group cash costs is lowered to ~USD400m Bank discussions ongoing No change in estimates – equity is like an option

PGS ASA: Update after downgrade to B3, under review for downgrade

Our view of PGS reflecting expectations of falling demand for seismic services amid ongoing capex cuts in the oil and gas sector and ensuing pressure on its financial results and liquidity.

Moody's downgrades PGS ratings to B3; places ratings on review for further downgrade

Rating Action: Moody's downgrades PGS ratings to B3; places ratings on review for further downgrade. Global Credit Research- 15 Apr 2020. London, 15 April 2020-- Moody's Investors Service today downgraded PGS ASA' s corporate family rating to B3 from B2, its probability of default rating to B3-PD from B2-PD and the ratings assigned to its senior secured term loan B and revolving credit facility to B3 from B2.

Moody's announces completion of a periodic review of ratings of PGS ASA

Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of PGS ASA. Global Credit Research- 28 Jan 2020. London, 28 January 2020-- Moody's Investors Service has completed a periodic review of the ratings of PGS ASA and other ratings that are associated with the same analytical unit.

PGS ASA: Update following rating upgrade

A detailed rationale for PGS’s rating upgrade reflecting the recent improvement in operating performance and reduction in debt leverage post debt refinancing.

Moody's upgrades PGS's ratings to B2; outlook stable

Rating Action: Moody's upgrades PGS's ratings to B2; outlook stable. Global Credit Research- 24 Jan 2020. London, 24 January 2020-- Moody's Investors Service today upgraded the corporate family rating of PGS ASA to B2 from B3 and its probability of default rating to B2-PD from B3-PD.

Håkon Astrup ...
  • Jon Masdal
  • Martin Arnell
  • Martin Huseby Karlsen
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Patrik Ling
  • Stefan Gauffin
  • Tomi Railo

Northern Lights

Jon Masdal ...
  • Martin Hoang Nguyen
  • Martin Huseby Karlsen
  • Ole-Andreas Krohn
  • Viktor Trollsten

Northern Lights

Jon Masdal ...
  • Martin Huseby Karlsen
  • Ole-Andreas Krohn

Northern Lights

Alain William ...
  • Baptiste Lebacq
  • Charles Lepetitpas
  • Christophe Chaput
  • Fatma Agnès Hamdani
  • Hela Zarrouk
  • Nicolas David
  • Olfa Taamallah
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - DETAILED COMMENTS 04/27/2020

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Alain William ...
  • Baptiste Lebacq
  • Charles Lepetitpas
  • Christophe Chaput
  • Fatma Agnès Hamdani
  • Hela Zarrouk
  • Nicolas David
  • Olfa Taamallah
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 27/04/2020

Dans cette étude nous revenons en détail sur la valorisation d’Encavis après le CMD du 22 avril qui confirme le plan de croissance du groupe « Fast Forward 2025 » annoncé en janvier dernier. Notre nouvelle valorisation à 12.8 € résulte d'une moyenne entre un DCF à 13.0 €, une somme des parties à 12.0 € et une approche par multiples PE à 13.5 €. Nous intégrons désormais une croissance des capacités de 300 MW par an sur 2021-2025 alors que notre ancienne valorisation à 10.0€, basée sur ...

PGS ASA sees a downgrade to Negative on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of PGS ASA (NO), active in the Oil Equipment & Services industry. As regards its fundamental valuation, the title now shows 1 out of 4 stars while market behaviour can be considered risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Negative. As of the analysis date June 30, 2020, the closing price was NOK 3.85 and its target price was estimated at NOK 1.82.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

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