PGS (Hold, TP: NOK3.50) - The clock is ticking
With the legacy bank debt due on 18 September, PGS needs to take action quickly. We are in line with consensus on Q2e (pre-announcement due on 9 July). In our view, the risk to the current equity increases as we approach the due date, but our base case remains a constructive refinancing. We reiterate our HOLD and NOK3.50 target price.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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