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
Martin Huseby Karlsen

Soft Petrobras capex guidance

Petrobras provided an updated E&P spending outlook following Covid-19; for 2021–2025e, it sees total E&P spending at USD40bn–50bn, down 30% from the previous 5-year plan (2020–2024). While providing no guidance by year, the plan suggests annual spending in the range of USD8bn–10bn on average, implying limited upside potential to forward spending versus recent years. While exploration guidance also has been lowered versus last year, Petrobras still plans to spend a decent amount on exploration in our view, and we also highlight that its development focus on pre-salt has further increased. We co...

Martin Huseby Karlsen

Fossil fade

In mid-August, Valaris announced it had entered into a Restructuring Support Agreement (RSA) and Backstop Commitment Agreement (BCA) with approximately 50% of its noteholders to undergo a financial restructuring, and voluntarily filed for Chapter 11.

Martin Huseby Karlsen

Soft Petrobras capex guidance

Petrobras provided an updated E&P spending outlook following Covid-19; for 2021–2025e, it sees total E&P spending at USD40bn–50bn, down 30% from the previous 5-year plan (2020–2024). While providing no guidance by year, the plan suggests annual spending in the range of USD8bn–10bn on average, implying limited upside potential to forward spending versus recent years. While exploration guidance also has been lowered versus last year, Petrobras still plans to spend a decent amount on exploration in our view, and we also highlight that its development focus on pre-salt has further increased. We co...

Martin Huseby Karlsen

Fossil fade

In mid-August, Valaris announced it had entered into a Restructuring Support Agreement (RSA) and Backstop Commitment Agreement (BCA) with approximately 50% of its noteholders to undergo a financial restructuring, and voluntarily filed for Chapter 11.

John Olaisen

Sector Report - TGS offers USD 600m for PGS’ MC library

Martin Huseby Karlsen

Huge Petrobras development, but limited services need

Huge Petrobras development, but limited services need Petrobras has again highlighted the bright future of the Buzios field, part of the ‘transfer of rights area’, looking to add eight new FPSOs. From an oil service perspective, we welcome new developments but at the same time, we consider the oil service intensity for this development to be low. Wells are highly productive (40k–50k barrels/d per well), resulting in a need for few wells, which is the main demand driver for rig and subsea services. We estimate a need for 3–4 UDW rigs (largely flat compared to recent years), and that lo...

Baptiste Lebacq

PGS : First message of caution on the financial situation

>A cycle trough that is too long and too deep: Reduce recommendation and target price of NOK 3 - Following the publication of H1 2020 earnings and the conference call, we have adjusted down (again) our earnings forecasts (EBITDA -3% on average). Since the beginning of the year, we have revised down our forecasts for 2020-2022 EBITDA by an average of 67%. The adjustments are continuing at a rapid pace (and are accelerating), although the severity of this cyclical ...

PGS ASA: Update following downgrade to Caa1 with negative outlook

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 capital structure and liquidity.

Moody's downgrades PGS's CFR to Caa1; outlook negative

Rating Action: Moody's downgrades PGS's CFR to Caa1; outlook negative. Global Credit Research- 14 Jul 2020. London, 14 July 2020-- Moody's Investors Service today downgraded PGS ASA' s corporate family rating to Caa1 from B3, its probability of default rating to Caa2-PD from B3-PD and the ratings assigned to its senior secured term loan B and revolving credit facility to Caa1 from B3.

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.

Anthony Dick ...
  • Michael Foundoukidis

ODDO BHF Small & MIDCAP MORNING NEWS - 07/24/2020

The shock caused by the COVID-19 pandemic is much bigger than the previous impacts seen since the Bureau Veritas IPO (October 2007), whether from the financial crisis (2008-2009), the sudden drop in oil prices (2014-2015) or the trade war (2019). Q2 2020 results will show historically large organic declines (double digits in some cases) even though sector groups theoretically have resilient and diversified profiles. Eurofins and Bureau Veritas are our Top Picks. We downgrade Applus to...

Anthony Dick ...
  • Michael Foundoukidis

ODDO BHF Small & MIDCAP MORNING NEWS - 24/07/2020

Le choc du COVID-19 dépasse largement les précédents impacts négatifs rencontrés depuis l’introduction en Bourse de Bureau Veritas (octobre 2007), que ce soit la crise financière (2008-2009), la chute brutale du cours du pétrole (2014-2015) ou la guerre commerciale (2019). Ces T2 2020 auront un caractère historique par l’ampleur de leur régression organique (à deux chiffres parfois) malgré des profils théoriquement résilients et diversifiés. Eurofins et Bureau Veritas sont nos valeurs...

Jon Masdal ...
  • Jørgen Lian
  • Martin Arnell
  • Martin Hoang Nguyen
  • Martin Huseby Karlsen
  • Mattias Holmberg
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Tomi Railo

Northern Lights

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

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 we...

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