Magseis Fairfield (No_rec, TP: NOK) - Solid Q3, upside to Q4 consensus
Magseis Fairfield reported Q3 EBITDA of USD13.6m (we estimated USD8.5m, consensus USD8.7m) on higher revenues and lower costs, resulting in positive cash-flow generation in the quarter. For 2021, it expects a small increase in activity, driven by Brazil. Backlog increased to USD170m in Q3, with USD50m for Q4 execution versus consensus revenues of USD37m, hence we expect positive revisions.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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