PGS (Hold, TP: NOK3.00) - Another miss on low late sales
PGS reported Q3 revenues of USD115m, below our estimate of USD129m. The main deviation to our forecasts came on lower late sales at USD26m versus our USD35m, while the prefunding ratio at 91% was solid. While management believes Q3 marked the trough for this downturn, we see more challenges heading into the winter season with low backlog. With limited news on refinancing, we do not expect investors to change their view after the Q3 sales update.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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