PGS (Hold, TP: NOK3.50) - Good at first glance, but softer after discussion with company
PGS reported segment sales of USD138m, versus our expectation of USD132m and consensus of USD121m. However, this was driven by cUSD15m in pending pre-funding booked in Q2, which we believe most had expected for later in the year. With weak contract rates, we expect to see downward revisions to consensus on the back of the report.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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