Petroleum Geo-Services (Hold, TP: NOK17.00) - Saying the right things, yet to deliver
Following the CMD, we have made no changes to our underlying estimates, as our deviation versus the cost guidance relates to accounting items. Given the company’s history of over-promising, we remain cautious and maintain our HOLD recommendation, while we have raised our target price to NOK17 (15).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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