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ABGSC Oil & Oil Services Research ... (+5)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
  • John Olaisen
  • Martin Mauseth
  • Stian Wibstad

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.

ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen

A bit quiet

Still positive developments in the oil service industry but a bit quiet in the portfolio. Attractive discount to SOTP — BUY.

ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen

Fundamentals keep improving

Key holdings show solid earnings growth. Ownership agenda remains intact - monetizations looming. Attractive pricing - BUY.

ABGSC Oil & Oil Services Research ... (+5)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
  • John Olaisen
  • Martin Mauseth
  • Stian Wibstad

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).

ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen

Get ready for an eventful year

Sector fundamentals still improving. We expect key holdings to develop well. Attractive discount to SOTP - BUY.

ABGSC Oil & Oil Services Research ... (+5)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
  • John Olaisen
  • Martin Mauseth
  • Stian Wibstad

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.

ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen

Getting closer to asset realisations

Limited value changes in Q3. 2024 likely to be an eventful year. Reiterate BUY, target price of NOK 16.

ABGSC Oil & Oil Services Research ... (+5)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
  • John Olaisen
  • Martin Mauseth
  • Stian Wibstad

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.

ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen

Progress, but still waiting for the big ones

Several smaller transactions recently. Waiting for DRU contract arbitration, NESF and HMH. Reiterate BUY, target price of NOK 16.

ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen

Still closing good deals

Continues to monetise assets at a premium to book value. DRU contracts and NESF in '23e, HMH more likely in '24e. Reiterate BUY , target price of NOK 16.

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