PGS (Sell, TP: NOK1.00) - One step closer on soft Q4 bookings
Q3 EBITDA was USD56m, 7% below our estimate and 13% below consensus. The backlog situation for Q4 remains challenging, but PGS is optimistic about 2022. We expect to make limited estimate revisions on the report. Although PGS believes it will be able to pay down the 2022 maturity on the TLB and refinance the remaining maturities, we consider this unrealistic and see no reason to change our view after the Q3 report.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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