PGS (Hold, TP: NOK5.00) - Same old story
Following the consolidation of the seismic vessel market, supply and demand appear balanced, in our view, with upside potential if multi-client investments return. However, as debt maturities are approaching, we see an increased risk that confidence in future cash flow will be insufficient to avoid a restructuring of the balance sheet. We reiterate our HOLD but have raised our target price to NOK5 (3).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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