TGS (Hold, TP: NOK125.00) - Q3 set for soft utilisation
Based on our vessel tracker, we expect TGS to report 72% active vessel utilisation for Q3, which is up QOQ but meaningfully lower YOY and representing pandemic-low levels for what is usually the seasonally strongest quarter of the year. We also note that offshore wind-related work represents ~20% of active vessel days, where the vessel EBITDA contribution typically is lower than for traditional oil and gas seismic.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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