Petroleum Geo-Services (Sell, TP: NOK13.00) - The USD700m question
With backlog down 37% YOY and low tender activity, we struggle to even get to management’s worst-case scenario of flat revenues YOY. With fewer vessels in the North Atlantic basin in the 2018e summer, we see activity on the downside and believe that the company will not be able to bridge the USD700m gap between current backlog and 2018 consensus sales. We maintain our SELL and NOK13 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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