Petroleum Geo-Services (Sell, TP: NOK9.00) - A good exit opportunity
With the failed refinancing attempt, we believe PGS finds itself in a challenging situation and see a risk that the share price enters a downward spiral until the refinancing is executed. With the market cap still at 33% of the enterprise value, this suggests in excess of 50% downside to fully distressed levels, reflecting the current situation. We have downgraded to SELL (HOLD) and lowered our target price to NOK9 (19).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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