PGS (Hold, TP: NOK3.50) - Opportunity to address liquidity
With the current market sentiment, we see a possibility that PGS might be able to address its near-term liquidity need without a heavily discounted equity raise. We still see long-term challenges with a business model that has failed to generate cash over the cycle and debt levels the asset base could struggle to service. After its 80% decline YTD, however, we have upgraded the stock to HOLD (SELL) as we see our long-term case as largely played out, and raised our target price to NOK3.5 (3.0).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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