PGS (Hold, TP: NOK3.00) - Late sales above; very soft dayrates
PGS reported Q1 segment revenues adjusted for government grants of USD126m, in line with consensus, but below our USD147m estimate. On the positive side, late sales were solid, with Europe the main contributor, while achieved dayrates would imply a meaningful EBITDA loss contribution on contracts in Q1. Overall, we consider the report 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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