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ABGSC Oil & Oil Services Research ... (+3)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
  • Stian Wibstad
PREMIUM
ODL-NO Odfjell Drillin...

Cash flow and market outlook remain strong

Q1 EBITDA at USD 85m, 4% above cons. Higher capex but FCF remains very strong, as does the outlook BUY, TP of NOK 73 (75)

ODL-NO ODFJELL DRILLING
6h / 40m 6h / 40m 1 EN
ABGSC Oil & Oil Services Research ... (+3)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
  • Stian Wibstad
05/16/24 May 16, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+3)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
  • Stian Wibstad
PREMIUM
SDRL-NO SEADRILL

Navigating a challenging '24 very well

Underlying Q1 numbers fairly in line. Maintains guidance and increases visibility. Minor estimate changes - BUY, TP NOK 670 (unch.)

05/16/24 May 16, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+3)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
  • Stian Wibstad
ODL-NO ODFJELL DRILLING
05/15/24 May 15, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+3)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
  • Stian Wibstad
05/15/24 May 15, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
PREMIUM
ARCH-NO ARCHER LIMITED

Delivering steady improvements

Solid Q1, we increase '24e EBITDA by 2%. 2024 guidance reiterated, looks robust. Still attractive - Note the reverse share split - BUY - TP NOK 37 (1.5).

05/08/24 May 8, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+3)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
  • Martin Mauseth
IPCO-SE INTERNATIONAL PETROLEUM CORP.
05/07/24 May 7, 2024 1 EN
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 ... (+3)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
  • Martin Mauseth
SEAPT-NO SEACREST PETROLEO
04/22/24 April 22, 2024 1 EN
ABGSC Renewable Energy Research ... (+3)
  • ABGSC Renewable Energy Research
  • Åsne Holsen
  • Daniel Vårdal Haugland
IWS-NO INTEGRATED WIND SOLUTIONS
BONHR-NO BONHEUR
ORSTED-DK ORSTED
VWS-DK VESTAS WIND SYSTEMS
CADLR-NO CADELER
EWIND-NO EDDA WIND
EQNR-NO EQUINOR
04/19/24 April 19, 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 ... (+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 ... (+3)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
  • John Olaisen
PREMIUM
SUBC-NO SUBSEA 7

Stronger earnings momentum from Q2e

We estimate USD 156m in Q1 EBITDA. Book-to-bill ~1x in Q1e, solid tender pipeline. Still attractive cash flow yield — BUY, TP NOK 220 (200).

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 ... (+3)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
  • Martin Mauseth
PREMIUM
BNOR-NO BLUENORD

The moment we have been waiting for

Near-term estimates down on lower gas price assumptions. The moment we have been waiting for: Tyra first gas and distributions. We reiterate BUY, TP of NOK 675 (650).

04/11/24 April 11, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
PREMIUM
AKSO-NO AKER SOLUTIONS

Future AKSO starting its earnings acceleration

We model NOK 751m in Q1 EBITDA. No announced awards in the quarter, but robust backlog. Focus on capital allocation, but news unlikely - BUY, TP NOK 55.

04/11/24 April 11, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
PREMIUM
TGS-NO TGS

Q1 was strong - FCF ahead

Q1 was a big relief. We are confident that the outlook is bright. Attractive valuation for combined entity: BUY, TP NOK of 180 (170).

04/11/24 April 11, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
PREMIUM
OKEA-NO OKEA

Hold your horses

Looking dead cheap, but we want to see some steady quarters. Still a HOLD, TP to NOK 30 (27).

04/11/24 April 11, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
PREMIUM
AKRBP-NO AKER BP

Yet another steady quarter expected

We expect Q1 FCF of NOK 15.9/share. Look out for comments about Johan Sverdrup and Edvard Grieg. A clear BUY, TP to NOK 365 (345) on higher oil price assumptions.

04/11/24 April 11, 2024 1 EN
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