PGS (Hold, TP: NOK3.00) - A step in the right direction
PGS reported Q4 EBITDA above expectations with sales boosted by government grants and lower costs than we expected. In addition, the backlog situation has improved. On cash guidance for 2021, the largest surprise was the significantly reduced allocation towards multi-client, while cost and capex were in line with our exactions. We consider the Q4 report a step in the right direction for PGS, but note that a key investor concern remains, with a wall of maturities approaching next year.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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