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ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
04/23/24 April 23, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
04/12/24 April 12, 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 ... (+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
  • John Olaisen
PREMIUM
VAR-NO VåR ENERGI

Q1 should be strong in all respects

Steady production and strong underlying cash flow. 2026e EPS up 10%. A clear BUY, TP up to NOK 45 (37).

04/11/24 April 11, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
03/13/24 March 13, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
PREMIUM
VAR-NO VåR ENERGI

Estimates down, but still great value

We now assume Balder-X start on 1 Jan 2025 (Aug. '23). Great value and exciting exploration in 2024. BUY, but TP to NOK 37 (38).

02/14/24 February 14, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
02/13/24 February 13, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
01/25/24 January 25, 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
  • John Olaisen
PREMIUM
VAR-NO VåR ENERGI

Poor sentiment, but attractive valuation

Depletion hitting mature fields - we are slightly below consensus. Estimates down on lower oil and gas prices. A lot is discounted, still a BUY, TP to NOK 38 (41).

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
  • John Olaisen
PREMIUM
VAR-NO VåR ENERGI

Estimate changes from Crude Quarterly, 24 November

In our 24 November Crude Quarterly report, we update our oil and gas price assumptions for our covered E&Ps. See the report for more details on our new oil market estimates and our updated price assumptions.

11/24/23 November 24, 2023 1 EN
ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
11/02/23 November 2, 2023 1 EN
ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
PREMIUM
VAR-NO VåR ENERGI

Still upside

Valuation justifies more upside. Only tweaks to our forecasts. BUY reiterated and TP up to NOK 42 (40).

10/25/23 October 25, 2023 1 EN
ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
10/24/23 October 24, 2023 1 EN
ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
10/12/23 October 12, 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
  • John Olaisen
PREMIUM
VAR-NO VåR ENERGI

Estimate changes from Crude Quarterly, 29 September

In our 29 September Crude Quarterly report, we update our oil and gas price assumptions for our covered E&Ps. See the report for more details on our new oil market estimates and our updated price assumptions.

09/29/23 September 29, 2023 1 EN
ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
09/19/23 September 19, 2023 1 EN
ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
07/25/23 July 25, 2023 1 EN
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