PGS : Very low fleet utilisation rate acting as a drag at the start of 2022
>Underperform recommendation, target price of NOK 1.4 - Q1 22 results undershot expectations due to a low fleet utilisation rate. Once again, the particularly weak free cash flow generation due to the sharp drop in exploration spending by contractors has put the problematic issue of debt maturities back on the agenda for PGS. Despite a marked underperformance YTD (-11% versus +40% for the OSX oil services index), we think it is still far too soon to position on the s...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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