PGS (Hold, TP: NOK3.00) - Earnings in line, cash flow on the soft side
PGS reported Q1 sales in line with the pre-announced numbers and cash EBITDA in line with our estimate and consensus. However, cash flow was softer than we expected as we had factored in higher collection from sales over the past quarters, with the miss in NIBD representing NOK0.67/share. With no surprises regarding guidance, backlog situation or outlook, we see the report as neutral.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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