PGS (Sell, TP: NOK5.00) - Minor model adjustments
We have fine-tuned our estimates ahead of the Q1 revenue update (due at 08:00 CET on 14 April). We do not consider these changes to be material, and have not changed our SELL recommendation. We reiterate our NOK5 target price. We expect 77% active vessel utilisation for Q1, up slightly from 75% in the previous quarter. Our USD187m revenue estimate is 4% below Bloomberg consensus.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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