PGS (Sell, TP: NOK8.00) - Company is running out of time
PGS failed to deliver on Q3, on lower late sales with the miss representing 4.3% of its market cap. With the market cap still at 25% of the enterprise value, this suggests in excess of 50% downside to fully distressed levels reflecting its current situation. We see a heightened risk that the share price enters a downward spiral until the refinancing is executed. We reiterate our SELL and have cut our target price to NOK8 (9) on the Q3 miss.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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