Sluggish recovery to persist
We remain cautious on seismic ahead of Q4, where we believe risk is on the downside for late-sales and growth in MultiClient investments for 2023. Our estimates remain meaningfully below consensus. Recent data points suggest flattish YOY exploration spending in 2023, and we struggle to see the significant cost inflation within oil services being beneficial for the revenue potential within the MultiClient model. However, the contract acquisition market remains a bright spot, nearing the point where any incremental demand increase would require reactivation of stacked vessels by PGS and/or Shearwater.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.
TGS Nopec Geophysical provides geoscience data to oil and gas exploration and production companies worldwide. In addition to global geophysical and geological data libraries that include seismic data, magnetic and gravity data, digital well logs, production data and directional surveys, Co. also provides advanced processing and imaging services, interpretation products, permanent reservoir monitoring and data integration solutions.
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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