TGS (Buy, TP: NOK145.00) - Positive 2025 momentum intact
Q4 vessel utilisation was a tad soft at 66% compared to the guided ~70% as some MultiClient projects slipped into 2025. This also left MultiClient investments of cUSD100m at the low end of the USD100m–125m guidance. We have factored this into our 2024 estimates, reducing EPS by 8%, but believe focus should remain on the positive momentum, with recent contract awards adding visibility to its streamer fleet in H1 2025, likely resulting in strong outcomes YOY for vessel utilisation and FCF. We reiterate our BUY and NOK145 target price.TGS Nopec Geophysical provides geoscience data to oil and gas exploration and production companies worldwide. In addition to global geophysical and geological data libraries that include seismic data, magnetic and gravity data, digital well logs, production data and directional surveys, Co. also provides advanced processing and imaging services, interpretation products, permanent reservoir monitoring and data integration solutions.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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