Magseis Fairfield (No_rec, TP: NOK) - Central piece in restructuring plan
With the refinancing, Magseis Fairfield has completed an important part of the restructuring initiated by the new management team. Given DNB Markets’ role in the private placement we have withdrawn our target price, recommendation and estimates.Magseis Fairfield ASA, formerly Magseis ASA, is a Norway-based company engaged in geophysical surveying and mapping. The Company specializes in Ocean Bottom Seismic (OBS) acquisition services dedicated to the oil and gas industry. The Company's Marine Autonomous Seismic System (MASS) consists of the in-sea cable and sensor capsules, automated handling and data download. Together with a range of miniaturized Fairfield Z-nodes, it enables operations in water depths to 3000 meters. The Company divides its operations into six regions, namely Barents Sea (Norway), Malaysia, Singapore, the Red Sea, United Kingdom and Sweden. It has offices in Norway, Sweden, the United Kingdom, Brazil, Singapore and the United States.
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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