TGS Announces Birmingham-Gemini 3D Seismic Survey in Appalachian Basin OSLO, Norway (23 October 2024) – TGS, a global leader in energy data and intelligence, today announced an extension to the Birmingham 3D seismic survey covering 276 square miles. The survey is strategically located on the western flank of the Appalachian Basin, aligning with the most prospective trend of the Utica-Point Pleasant formation and Clinton sands. Kristian Johansen, CEO of TGS, commented: "The Birmingham-Gemini 3D survey reflects TGS' commitment to uncovering the Appalachian Basin's potential. Combined wit...
This morning, Tomra Systems reported its Q3 2024 results, broadly in line with our estimates. Q3 2024 sales came in at EUR326m (+6% YoY, vs. EUR308m in Q3 2023) on the back of strong revenues in Collection and improvements in Food. Q3 2024 EBITA stood at EUR44m, (+16% YoY vs. EUR38m in Q3 2023 and
Invitation to presentation of Scatec ASA’s third quarter results 2024 Oslo, 21 October 2024: Scatec ASA will release its third quarter results and provide a status update of its strategy, on Friday 1 November 2024 at 07:00 am (CET). A presentation of the results followed by a Q&A session will be held on the same day at 09:00 am at Scatec’s headquarters at Skøyen Atrium III (1st floor), Askekroken 11, 0277 Oslo. The presentation and the Q&A session can be followed through a live webcast from our website , or . For further information, please contact: For analysts and investors: Andrea...
Scatec reaches financial close and prepares for construction start for battery energy storage project in South Africa Oslo, 18 October 2024: Scatec ASA, a leading renewable energy provider, has reached financial close for the Mogobe battery energy storage system (“BESS”) facility totaling 103 MW / 412 MWh and is now making final preparations to start construction of the project. Mogobe BESS was awarded a 15-year power purchase agreement (PPA) under the first bid window of the Battery Energy Storage Independent Power Producer Procurement Programme (BESIPPPP) in South Africa. As part of the...
While we struggle to see a near-term recovery in seismic fundamentals, we do not expect things to get much worse either. Helped by cost synergies following the PGS merger, TGS is set to expand its FCF significantly to ~USD250m for 2025–2026e. This should pave the way for higher dividends from 2026e as net debt moves below its targeted level. We forecast flattish vessel utilisation and late sales growth from 2024 levels, leaving upside risk to our estimates if the seismic market improves faster t...
Petrobras is expected to reduce 2025 capex from USD21bn to around USD17bn, according to a Reuters article today. Petrobras has a 5-year capex plan, but there are usually changes to its plans, and “current year” / “near-term” spending has a track-record of being revised lower (2024 capex was recently cut c24% to USD13.5bn–14.5bn), as Petrobras has struggled with value-chain delays. The updated spending represents YOY growth in 2025 of c21% (versus c50% earlier). The article mentions equipment pri...
Streamer vessel demand remains muted (2024e tracks ~10% below pandemic levels). We believe a potential recovery in the TGS equity case rests on supply-side discipline remaining intact despite what appears to be a challenging winter season utilisation-wise along with key peer Shearwater’s cash flow-supportive agreement with Viridien expiring in January.
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