PGS (Sell, TP: NOK1.00) - Another step closer to the cliff
PGS announced preliminary Q3 segment revenues of USD132m, 14% below consensus and 12% below our estimate. The miss is driven primarily by weak late sales, which are expected at USD25m in Q3, 55% below our estimate and the weakest quarter since the emergence from Chapter 11 in 2003. As this reduces cash flow, it moves PGS another large step towards what we consider required restructuring, and we expect a negative share price reaction today.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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