Waiting game
We have made limited adjustments to our estimates ahead of the Q3 results (revenue update due at 08:00 CET on 11 October, full report due at 08:00 CET on 26 October). We expect a QOQ improvement in contract revenues and a decrease in multiclient late sales, as the strong Q2 late sales should be hard to match. In line with Q2 guidance, we expect considerable working-capital release from the strong late sales in Q2, providing solid cash-flow generation in Q3. Nevertheless, we believe optimism should be short-lived as we see refinancing risk remaining high, with a possible further ~USD200m equity need by mid-2023e or balance sheet restructuring. We reiterate our SELL and NOK4 target price.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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