reports
- ABGSC Oil & Oil Services Research
- Njål Kleiven
- Stian Wibstad
- Stephane Foucaud
AUCTUS ON FRIDAY - 09/05/2025
AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; Target price of NOK49 per share: ~12 mbbl/d in 1Q25. Re-iterating FY25 guidance – 1Q25 production was ~12 mbbl/d, including 6,841 bbl/d in Gabon, 3,661 bbl/d in Equatorial Guinea and 1,492 bbl/d in Tunisia. Production in Gabon and Equatorial Guinea was previously reported by BW Energy and Kosmos Energy. Equatorial Guinea output was temporarily impacted by unplanned downtime at the Ceiba Cluster, but operations ...
EQNR EQUINOR ASA
GPRK GEOPARK
MSMN MOSMAN OIL AND GAS
CNE CAIRN ENERGY PLC
TXP TOUCHSTONE EXPLORATION
GENL GENEL ENERGY
MUR MURPHY OIL CORPORATION
PXT PAREX RESOURCES INC.
PEN PANORO ENERGY ASA
SNM SHAMARAN PETROLEUM CORP.
SQZ SERICA ENERGY
ZPHR ZEPHYR ENERGY
KOS KOSMOS ENERGY LTD.
BWE BW ENERGY
HBR HARBOUR ENERGY PLC
IGAS IGAS ENERGY PLC
TNZ TENAZ ENERGY CORP
- Martin Huseby Karlsen
Subsea 7 S.A. - 2025 AGM and EGM
Subsea 7 S.A. - 2025 AGM and EGM Luxembourg – 8 May 2025 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY, the Company) today announced that, at the 2025 annual general meeting of shareholders (AGM) on 8 May 2025, all resolutions were approved, including the payment of a dividend of NOK 13.00 per common share, to be paid in two equal instalments. In addition, at the subsequent extraordinary general meeting of shareholders (EGM) on the same day, both proposed resolutions, which related to (i) to the authority of the Board of Directors to repurchase and, as the case may be, to subsequently cance...
Subsea 7 S.A. announces changes to Board composition
Subsea 7 S.A. announces changes to Board composition Luxembourg – 8 May 2025 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the election of Lucia Andrade as a Non-Executive Director at the 2025 annual general meeting of shareholders (AGM) and the decision of Jean Cahuzac to retire from his position as Non-Executive Director with immediate effect. Jean has served on the Board since 2008, and was also CEO of Subsea7 until 31 December 2019. The Board would like to thank him for his commitment and valuable contribution to Subsea7. Jean was a member of the Compensation Committee...
- Steffen Evjen
- Stephane Foucaud
Panoro Energy ASA (OSE: PEN): ~12 mbbl/d in 1Q25. Re-iterating FY25 gu...
• 1Q25 production was ~12 mbbl/d, including 6,841 bbl/d in Gabon, 3,661 bbl/d in Equatorial Guinea and 1,492 bbl/d in Tunisia. • Production in Gabon and Equatorial Guinea was previously reported by BW Energy and Kosmos Energy. Equatorial Guinea output was temporarily impacted by unplanned downtime at the Ceiba Cluster, but operations are now back online. We project ~3,800 bbl/d WI production in Equatorial Guinea over 2Q-4Q25. • Output in Tunisia has increased compared to 4Q24 (1,467 bbl/d) foll...
- ABGSC Energy Research
- Daniel Vårdal Haugland
- John Olaisen
- Njål Kleiven
- Oliver Dunvold
- Stian Wibstad
- Steffen Evjen
- ABGSC Energy Research
- Daniel Vårdal Haugland
- John Olaisen
- Njål Kleiven
- Oliver Dunvold
- Stian Wibstad
- ABGSC Oil & Oil Services Research
- Njål Kleiven
- ABGSC Oil & Oil Services Research
- John Olaisen
- Oliver Dunvold
- ABGSC Energy Research
- Daniel Vårdal Haugland
- John Olaisen
- Njål Kleiven
- Oliver Dunvold
- Stian Wibstad
Subsea7 awarded ‘super-major’ contract offshore Brazil
Subsea7 awarded ‘super-major’ contract offshore Brazil Luxembourg – 2 May 2025 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award of a super-major contract1 by Petrobras, after winning a competitive tender, for the development of the Búzios 11 field located approximately 180 kilometres off the coast of the state of Rio de Janeiro, Brazil, at 2,000 metres water depth in the pre-salt Santos basin. The contract scope includes engineering, procurement, fabrication, installation, and pre-commissioning of 112km rigid risers and flowlines system. Project management and engi...
- Steffen Evjen
Weekly news, topics & discussion
This week, Equinor reported Q1 results in line with expectations. However, we continue to see valuation downside due to Empire Wind risks and a likely sharp YOY drop in 2026e buybacks. OKEA also reported in-line Q1 results. In other news, Equinor announced it agreed to sell its 60% Peregrino stake at a solid price, although we believe the proceeds would have to support near-term shareholder returns to drive a positive share price reaction.
- Jean Danjou
- Oliver Metzger
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
SOP SOPRA STERIA GROUP SA
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
RCO REMY COINTREAU SA
FLY SOCIETE FONCIERE LYONNAISE SA
TFI TELEVISION FRANCAISE 1 SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
ASY ASSYSTEM SA
WHA WERELDHAVE N.V.
SRP SRP GROUPE SA
BLND BRITISH LAND COMPANY PLC
NRG NRJ GROUP SA
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
EBRO EBRO FOODS SA
ENI ENI S.P.A.
XIOR XIOR STUDENT HOUSING N.V.
GN GN STORE NORD A/S
ICAD ICADE SA
REP REPSOL SA
BYG BIG YELLOW GROUP PLC
GLB GLANBIA PLC
COFB COFINIMMO SA
FIE FIELMANN AG
SOC SUBSEA 7 S.A.
AIXA AIXTRON SE
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
AALB AALBERTS N.V.
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
BP. BP P.L.C.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
BFSA BEFESA SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
FSNT FASHIONETTE AG
WDP WAREHOUSES DE PAUW SCA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
TE TECHNIP ENERGIES NV
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHEL SHELL PLC
ONE ONE UNITED PROPERTIES SA
SHUR SHURGARD SELF STORAGE LIMITED
R3NK RENK GROUP AG
LANV PRIMAVERA CAP ACQUISITION CORP
FERGR FERRARI GROUP PUBLIC LIMITED COMPANY
- Jean Danjou
- Oliver Metzger
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
SOP SOPRA STERIA GROUP SA
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
RCO REMY COINTREAU SA
FLY SOCIETE FONCIERE LYONNAISE SA
TFI TELEVISION FRANCAISE 1 SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
ASY ASSYSTEM SA
WHA WERELDHAVE N.V.
SRP SRP GROUPE SA
BLND BRITISH LAND COMPANY PLC
NRG NRJ GROUP SA
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
EBRO EBRO FOODS SA
ENI ENI S.P.A.
XIOR XIOR STUDENT HOUSING N.V.
GN GN STORE NORD A/S
ICAD ICADE SA
REP REPSOL SA
BYG BIG YELLOW GROUP PLC
GLB GLANBIA PLC
COFB COFINIMMO SA
FIE FIELMANN AG
SOC SUBSEA 7 S.A.
AIXA AIXTRON SE
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
BP. BP P.L.C.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
BFSA BEFESA SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
FSNT FASHIONETTE AG
WDP WAREHOUSES DE PAUW SCA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
TE TECHNIP ENERGIES NV
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHEL SHELL PLC
ONE ONE UNITED PROPERTIES SA
SHUR SHURGARD SELF STORAGE LIMITED
R3NK RENK GROUP AG
LANV PRIMAVERA CAP ACQUISITION CORP
FERGR FERRARI GROUP PUBLIC LIMITED COMPANY
- Baptiste Lebacq
- Martin Huseby Karlsen
Subsea 7 (Buy, TP: NOK205.00) - Progressing as planned
Subsea 7 reached Q1 EBITDA 2% above consensus and 20% above our estimate, while FCF was hurt by NWC, which is set to reverse later in 2025e. The guidance was reiterated and we have made limited estimate revisions; the existing backlog covers 86–47% of our 2025–2026e revenue. Management highlighted that tendering activity remains high and that the pipeline is sheltered from short-term oil price volatility, with the current oil price remaining well above break-even for projects in its pipeline. We...
- ABGSC Energy Research
- Daniel Vårdal Haugland
- John Olaisen
- Njål Kleiven
- Oliver Dunvold
- Stian Wibstad
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