PGS (Sell, TP: NOK4.00) - This time is no different
Since 2014, PGS has done limited deleveraging of its balance sheet. While an improving seismic market is beneficial, we see several headwinds that should make PGS unable to generate enough cash flow to meet its debt obligations. Thus, we believe the refinancing risk remains elevated, with possible further equity needs by mid-2023e or a balance sheet restructuring. Following a change of analyst, we reiterate our SELL, but have raised our target price to NOK4 (1) on higher estimates.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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