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ABGSC Oil & Oil Services Research ... (+5)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
  • John Olaisen
  • Martin Mauseth
  • Stian Wibstad
PREMIUM
PRS-NO PROSAFE
SUBC-NO SUBSEA 7 ... (+24)

Q1'24 sector preview

We expect strong Q1 reports and bullish management teams. Oil price assumptions up, near-term gas price slightly down. Best risk/reward in AKRBP, VAR, IPC, TGS, ODL, DOFG and SUBC.

PRS-NO PROSAFE
SUBC-NO SUBSEA 7
TGS-NO TGS
BWE-NO BW ENERGY
BWO-NO BW OFFSHORE LIMITED
EQNR-NO EQUINOR
AKRBP-NO AKER BP
DNO-NO DNO
VAR-NO VåR ENERGI
OKEA-NO OKEA
PGS-NO PGS
AKER-NO AKER ASA
AKSO-NO AKER SOLUTIONS
AKAST-NO AKASTOR
SEAPT-NO SEACREST PETROLEO
BORR-NO BORR DRILLING LIMITED
SDRL-NO SEADRILL
PEN-NO PANORO ENERGY ASA
DOFG-NO DOF GROUP
ODL-NO ODFJELL DRILLING
ARCH-NO ARCHER LIMITED
BNOR-NO BLUENORD
IPCO-SE INTERNATIONAL PETROLEUM CORP.
NOL-NO NORTHERN OCEAN LTD.
04/11/24 April 11, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
PREMIUM
BWO-NO BW Offshore Lim...

Getting closer to derisking

We model USD 76m in Q1 EBITDA. Key Barossa building blocks soon completed. Could start to look more interesting - BUY.

BWO-NO BW OFFSHORE LIMITED
04/11/24 April 11, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
PREMIUM
BWO-NO BW Offshore Lim...

Progress on several fronts

Strong Q4 due to Nautipa close-out. Barossa construction approaching completion. Upping cash dividend – BUY.

BWO-NO BW OFFSHORE LIMITED
03/01/24 March 1, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+5)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
  • John Olaisen
  • Martin Mauseth
  • Stian Wibstad
PREMIUM
PRS-NO PROSAFE
SUBC-NO SUBSEA 7 ... (+23)

Q4'23 sector preview

Q4 reports to show improvements and management to be bullish, but investors fear lower oil prices and poorer fundamentals ahead. Best risk/reward in AKRBP, EQNR, TGS, ODL, BORR, DOFG, SUB (all BUY).

PRS-NO PROSAFE
SUBC-NO SUBSEA 7
TGS-NO TGS
BWE-NO BW ENERGY
BWO-NO BW OFFSHORE LIMITED
EQNR-NO EQUINOR
AKRBP-NO AKER BP
DNO-NO DNO
VAR-NO VåR ENERGI
OKEA-NO OKEA
PGS-NO PGS
AKER-NO AKER ASA
AKSO-NO AKER SOLUTIONS
AKAST-NO AKASTOR
BORR-NO BORR DRILLING LIMITED
SDRL-NO SEADRILL
PEN-NO PANORO ENERGY ASA
DOFG-NO DOF GROUP
ODL-NO ODFJELL DRILLING
ARCH-NO ARCHER LIMITED
BNOR-NO BLUENORD
IPCO-SE INTERNATIONAL PETROLEUM CORP.
NOL-NO NORTHERN OCEAN LTD.
01/18/24 January 18, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
PREMIUM
BWO-NO BW Offshore Lim...

Some progress in the quarter

We expect a slight underlying improvement in Q4e. Focus on Barossa progress - Santos can start drilling. Attractive valuation, but awaiting key triggers.

BWO-NO BW OFFSHORE LIMITED
01/18/24 January 18, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+5)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
  • John Olaisen
  • Martin Mauseth
  • Stian Wibstad
PREMIUM
PRS-NO PROSAFE
SUBC-NO SUBSEA 7 ... (+22)

Crude Quarterly Q4'23: near-term, oil price is in OPEC's hands

OPEC will have to extend cuts through Q1'24 before it can increase production. Oil market fundamentals look strong medium- to long-term. Both E&P and oil service shares look highly attractive.

PRS-NO PROSAFE
SUBC-NO SUBSEA 7
TGS-NO TGS
BWE-NO BW ENERGY
BWO-NO BW OFFSHORE LIMITED
EQNR-NO EQUINOR
AKRBP-NO AKER BP
DNO-NO DNO
VAR-NO VåR ENERGI
OKEA-NO OKEA
PGS-NO PGS
AKER-NO AKER ASA
AKSO-NO AKER SOLUTIONS
AKAST-NO AKASTOR
SEAPT-NO SEACREST PETROLEO
KOG-NO KONGSBERG GRUPPEN
BORR-NO BORR DRILLING LIMITED
SDRL-NO SEADRILL
PEN-NO PANORO ENERGY ASA
DOFG-NO DOF GROUP
ODL-NO ODFJELL DRILLING
ARCH-NO ARCHER LIMITED
11/24/23 November 24, 2023 1 EN
ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
PREMIUM
BWO-NO BW Offshore Lim...

Steady quarter

Q3 EBITDA ahead, driven by special items. 2024 guidance broadly in line with expectations. Lowering our target as we await triggers – BUY.

BWO-NO BW OFFSHORE LIMITED
11/16/23 November 16, 2023 1 EN
ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
PREMIUM
BWO-NO BW Offshore Lim...

Extension and Barossa execution in focus

We expect USD 65m in EBITDA in Q3 including the guided USD 10m in decommissioning costs on Petroleo Nautipa.

BWO-NO BW OFFSHORE LIMITED
11/10/23 November 10, 2023 1 EN
ABGSC Oil & Oil Services Research ... (+5)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
  • John Olaisen
  • Martin Mauseth
  • Stian Wibstad
PREMIUM
PRS-NO PROSAFE
SUBC-NO SUBSEA 7 ... (+23)

Crude Quarterly Q3'23: higher for longer

Oil market fundamentals look strong medium-to-long term. Near term, it all hangs on OPEC. Both E&P and oil service shares look highly attractive.

PRS-NO PROSAFE
SUBC-NO SUBSEA 7
TGS-NO TGS
BWE-NO BW ENERGY
BWO-NO BW OFFSHORE LIMITED
EQNR-NO EQUINOR
AKRBP-NO AKER BP
DNO-NO DNO
VAR-NO VåR ENERGI
OKEA-NO OKEA
PGS-NO PGS
AKER-NO AKER ASA
AKSO-NO AKER SOLUTIONS
AKAST-NO AKASTOR
SEAPT-NO SEACREST PETROLEO
KOG-NO KONGSBERG GRUPPEN
NOR-NO BLUENORD
BORR-NO BORR DRILLING LIMITED
SDRL-NO SEADRILL
PEN-NO PANORO ENERGY ASA
DOFG-NO DOF GROUP
ODL-NO ODFJELL DRILLING
ARCH-NO ARCHER LIMITED
09/29/23 September 29, 2023 1 EN
ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
PREMIUM
BWO-NO BW Offshore Lim...

De-risking not complete

BWO reported USD 60.9m in Q2 EBITDA, well below our USD 77m estimate. This was mostly driven by USD 15m in extraordinary costs linked to decommissioning of two units (Nautipa and Sendje Berge).

BWO-NO BW OFFSHORE LIMITED
08/28/23 August 28, 2023 1 EN
ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
PREMIUM
BWO-NO BW Offshore Lim...

Still range-bound while awaiting triggers

We expect EBITDA in Q2e to drop somewhat from USD 79m in Q1, despite units scheduled for divestment having had short-term extensions during the quarter.

BWO-NO BW OFFSHORE LIMITED
08/21/23 August 21, 2023 1 EN
ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
PREMIUM
BWO-NO BW Offshore Lim...

So far, so good

Q1'23 inline with our expectations. So far so good on Barossa. Significant upside if key risk factors are resolved - BUY.

BWO-NO BW OFFSHORE LIMITED
05/24/23 May 24, 2023 1 EN
ABGSC Credit Research ... (+8)
  • ABGSC Credit Research
  • Andreas Johannessen
  • Bendik Fougner Engebretsen
  • Benedicte Aass
  • Glenn Kringhaug
  • Haakon Amundsen
  • Jonathan Angestjärna
  • Patrik Brattelius
PREMIUM
IOG Independent Oil...
LINK Link Bilgisayar... ... (+38)

Nordic High Yield Bond Coverage 2023

This year we have 69 high yield issuers in our booklet, including a one-page summary of each credit and key focus areas and any credit triggers.

IOG INDEPENDENT OIL & GAS
LINK LINK BILGISAYAR SISTEMLERI YAZILIMI VE DONANIMI SANAYI VE TICARET AS
DNO DNO ASA CLASS A
STA STRANDLINE RESOURCES
NYF NYFOSA AB
OKEA OKEA
LIME LIME TECHNOLOGIES
DistIT DISTIT AB
Extenda EXTENDA RETAIL
Bakkegrupbond BAKKEGRUPPEN
SUBC-NO SUBSEA 7
HPUR-NO HEXAGON PURUS
AKH-NO AKER HORIZONS
BWO-NO BW OFFSHORE LIMITED
AKRBP-NO AKER BP
DNO-NO DNO
OKEA-NO DESENIO HOLDING AB
Desenio ZALARIS
Zalaris AKER ASA
AKER-NO AKER SOLUTIONS
AKSO-NO WALDORF PRODUCTION
Waldorf KMC PROPERTIES
KMC OREXO
Orexo CATELLA
Catella ADVANZIA BANK
Advanzia ØYFJELLET WIND INVESTMENTS
Øyfjellet CRAYON GROUP HOLDING
Bond1 FIRST CAMP GROUP AB
0LLF7F-E NORWEGIAN ENERGY COMPANY
Noreco BAYPORT MANAGEMENT LTD
BOND.BAYP-MU 2020 BULKERS LTD.
2020-NO ARCTIC BIOSCIENCE
ABS-NO AKASTOR
AKAST-NO ICA GROUP
ICA-SE JM
JM-SE LINK MOBILITY
LINK-NO SCANDINAVIAN TOBACCO GROUP
STG-DK TEST COMPANY
04/03/23 April 3, 2023 1 EN
ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
BWO-NO BW OFFSHORE LIMITED
03/27/23 March 27, 2023 1 EN
ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
BWO-NO BW OFFSHORE LIMITED
03/10/23 March 10, 2023 1 EN
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