PGS (Hold, TP: NOK5.00) - At least covering interest costs
PGS reported Q2 EBITDA slightly above our estimate on lower costs. However, cost guidance for 2021 was increased from USD400m to USD425m, and we expect to see negative consensus revisions on the back of the report. Backlog is currently at USD255m, with what we understand to be improved pricing levels.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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