Mayday, mayday; we are sinking
In an attempt to salvage the company, further cost-cutting initiatives were announced. However, versus our estimates these have no cash impact in the next 12 months and we continue to see a restructuring need in 2018. Despite this, the company is trading at a 32% premium to NAV, and earnings towards the peak in the last cycle would be required to defend the current market cap. We are 25% below adjusted Q4 consensus EBITDA and 25% below for 2018. SELL maintained, target price lowered to NOK11 (13).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.
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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