Ahead of Q4 revenue updates
TGS and PGS are set to release their Q4 revenue updates next week. Traditionally the seasonally strongest quarter of the year, we believe investor focus will be on MultiClient late sales levels and corresponding ‘budget flush’ effect. We highlight that our Q4 late sales estimates are meaningfully below consensus as we believe this effect will be muted. Our below-consensus view also stretches into 2023e, where our late sales estimates are 15% and 21% below consensus for TGS and PGS, respectively. As such, we believe E&P companies’ appetite for seismic data and corresponding sales levels for Q4 will be an important indicator for the trajectory of estimates in 2023 and onwards.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.
TGS Nopec Geophysical provides geoscience data to oil and gas exploration and production companies worldwide. In addition to global geophysical and geological data libraries that include seismic data, magnetic and gravity data, digital well logs, production data and directional surveys, Co. also provides advanced processing and imaging services, interpretation products, permanent reservoir monitoring and data integration solutions.
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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