Report
Morten Jensen
EUR 473.05 For Business Accounts Only

Oil Services - Discontinuing coverage

We have discontinued coverage of Akastor, Aker, Atwood Oceanics, DOF, Eidesvik Offshore, Farstad Shipping, Kvaerner, Saipem, Sevan Marine, Siem Offshore, Solstad Farstad, and Songa Offshore. Our last published recommendations, target prices and estimates should no longer be relied up.
Underlyings
Akastor ASA

Akastor is a provider of products, systems and services to the oil and gas industry. Co. has three reportable segments: Engineering Solutions, which provides concept and front-end studies to oil companies; Product Solutions, which delivers oilfield products for the entire upstream value chain, from reservoir through processing and also includes Subsea, Drilling, Umbilicals and Process Systems; and Field-Life Solutions, which provides a range of services to increase oil and gas recovery from existing fields and extend the operating life of field assets. This segment also consists of two business areas: Maintenance, Modifications and Operations and Oilfield Services and Marine Assets.

Aker ASA Class A

Aker is an industrial investment company that exercises active ownership. Co. organizes its business activities in two segments: Industrial holdings and Financial investments. The industrial holdings comprise Co.'s ownership interests in Aker Solutions ASA, Kvaerner ASA, Det norske oljeselskap ASA, Ocean Yield ASA, Aker BioMarine ASA and Havfisk ASA. The financial investments comprise cash, real estate, investments in funds and other financial assets of Co. and holding companies, with the exception of industrial equity investments. Co.'s ownership interests are concentrated in the oil and gas, fisheries/marine biotechnology, maritime assets and finance sectors.

Atwood Oceanics Inc.

DOF ASA

DOF is the parent company in DOF's group of companies which owns and operates a fleet of supply and subsea vessels as well as having the engineering capacity to service the subsea market. Co. operates worldwide and provides services to the global oil and gas industry. Co. operates in three segments of the offshore service market. These are defined by types of activities and vessel types: Platform Supply Vessels, Anchor Handling Tug Supply Vessels and Subsea Vessels and Subsea Engineering. The subsea engineering activities among others comprise Survey and Positioning, Inspection, Repair and Maintenance Services, Construction Support, Diving Services and Mooring Projects.

Eidesvik

Eidesvik Offshore ASA is a Norway-based company engaged in the maritime sector. It specializes in the offshore logistics, seismic and underwater operations. The Company owns and operates vessels under long-term contracts in three business segments: Platform Supply Vessels (PSV), managing Viking Athene, Viking Fighter, Viking Prince, and Viking Energy, among others; Seismic, such as Oceanic Sirius, Vantage and Viking Vision, which are commercially operated by CGG Eidesvik Ship Management AS; and Subsea, including Acergy Viking, Viking Poseidon, and Subsea Viking, among others. The Company operates worldwide through a number of subsidiaries, including Eidesvik AS, Eidesvik Shipping AS, Eidesvik Subsea Vessels AS, Norsk Rederihelsetjeneste AS, Hordaland Maritime Miljoselskap AS and Viking Surf AS. Furthermore, It participates also in a joint venture with Eidesvik Seven AS and Eidesvik Seven Chartering AS.

Farstad Shipping ASA

Kvaerner ASA

Kvaerner is an industrial investment company, consisting of various operational and non-operational interests. Through its controlling interest in Aker ASA, Co. is engaged in providing services related to design, construction, maintenance, modification and operation of both large and small industrial facilities. The business spans a number of industries, including oil and gas upstream and downstream, process, pharmaceuticals, metals, power, chemical, pulping, environmental technologies and shipbuilding. Co.'s indirect activities in are divided into three business areas: Oil & Gas, Engineering & Construction and Shipbuilding.

Magnora ASA

Sevan Marine and its subsidiaries provide technology, design and engineering services to customers in the offshore oil and gas markets. Co. provides the characteristic, proprietary cylindrical hull design known as the Sevan design. Co. continues to focus on the design, engineering and project execution of floating units for offshore applications, with a main focus on floating, production, storage and offloading units, as well as floating, storage and offloading units and floating, liquefied, natural gas units.

Saipem S.p.A.

Saipem is a global contractor with local presence in Africa, Central Asia, America, the Middle East and South East Asia. Co. provides engineering, procurement, construction and installation services; and engineering, procurement and construction services to the oil and gas industry, both onshore and offshore, with a focus on projects, including activities in remote areas, in deep waters and on projects that involve difficult gas or crude supplies.

Siem Offshore Inc

Solstad Offshore ASA

Solstad Farstad is a holding company. Through its subsidiaries, Co. is engaged in the operation of offshore service and construction vessels. Co.'s business is divided into three segments based on the different types of vessels: Anchor-Handling Vessels delivering services related to rig moves and anchoring of rigs and other devices at sea, Platform Supply Vessels delivering services relating to transportation of material to offshore installations and Construction Service Vessels delivering services relating to development of both sub sea and floating installations. As of Dec 31 2009, Co. operated a fleet of 50 wholly owned, jointly owned and leased vessels.

Songa Offshore

Provider
DnB Markets
DnB Markets

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.

 

Analysts
Morten Jensen

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