Petroleum Geo-Services (Sell, TP: NOK17.00) - Softer Q2e utilisation
With several long repositioning and idle periods awaiting pre-funding, we expect somewhat soft utilisation for Q2. However, due to more deferred costs, we are in line with consensus on reported earnings for Q2e as more deferred costs are likely to artificially inflate EBITDA. In our view, market hopes of dayrate momentum shifting in favour of the vessel owners are overdone, with our 2019 revenue forecast 16% below consensus, and we maintain SELL with a and NOK17 target price.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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