reports
- ABGSC Oil & Oil Services Research
- John Olaisen
- Martin Huseby Karlsen
- ABGSC Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Stian Wibstad
- ABGSC Energy Research
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Njål Kleiven
- Oliver Dunvold
- Stian Wibstad
TGS Awarded 4D Streamer Acquisition Contract in the Barents Sea
TGS Awarded 4D Streamer Acquisition Contract in the Barents Sea OSLO, Norway (21 February 2025) – TGS, a leading provider of energy data and intelligence, is pleased to announce the award of a 4D streamer contract acquisition project in the Barents Sea covering the Goliat 4D field operated by Vår Energi. The Goliat 4D project is scheduled to start in July with a total duration of approximately 20 days. Kristian Johansen, CEO of TGS, commented, "We are very pleased to secure more 4D work on the Norwegian continental shelf for the 2025 summer season. We already have secured one contract in...
- ABGSC Oil & Oil Services Research
- Haakon Amundsen
- Njål Kleiven
- Stian Wibstad
- Felix Fischer
- Filipe Botelho
- Ian Wong
- Jayanth Kandalam
- Si Yong Ng
- Tanvi Arora
Lucror Analytics - Morning Views Europe
In today's Morning Views publication we comment on developments of the following high yield issuers: TK Elevator, TGS ASA, CABB, Odigeo, Constellium, Asmodee, Sasol, Borr Drilling, Nemak, Victoria, OPmobility (formerly Plastic Omnium), Ithaca Energy, Cirsa, Azelis
- Steffen Evjen
TGS (Buy, TP: NOK140.00) - Cash conversion set to improve
While Q4 marked another quarter with weak cash flow, we remain confident TGS is set to improve its cash conversion in 2025, supported by working capital tailwinds, the full effect of synergies and a YOY uptick in vessel utilisation. That said, raised MultiClient capex and lowered OBN revenues have triggered FCF cuts for 2025–2026e, prompting us to lower our target price to NOK140 (145), while reiterating our BUY.
- ABGSC Energy Research
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Njål Kleiven
- Oliver Dunvold
- Stian Wibstad
- ABGSC Oil & Oil Services Research
- John Olaisen
TGS Quarterly Dividend
TGS Quarterly Dividend OSLO, NORWAY (20 February 2025) – Following the authorization from the Annual General Meeting on 28 June 2024, the Board of TGS ASA has resolved to distribute a quarterly dividend of the NOK equivalent of USD 0.155 per share (NOK 1.73 per share) in Q1 2025. Key information relating to the cash dividend: Dividend amount and declared currency: USD 0.155 per share (equivalent to NOK 1.73 per share)Last trading day including right: 26 February 2025 Ex-date: 27 February 2025Record date: 28 February 2025Payment date: 13 March 2025 Date of approval: 19 February 2025 Ab...
TGS announces Q4 2024 results
TGS announces Q4 2024 results OSLO, Norway (20 February 2025) - TGS today reports interim financial results for Q4 2024. Financial highlights: Strong contract sales with high OBN activity and an overweight of active streamer vessel capacity allocated to contract work Solid multi-client sales driven by high pre-commitments to ongoing multi-client projects and seasonal uptick in sales from the multi-client library Order inflow of USD 489 million during Q4 2024 – total produced order backlog of USD 749 millionSuccessfully completed a full refinancing of the legacy PGS debt, reduced interest...
- Martin Huseby Karlsen
Valaris (Buy, TP: USD52.00) - Retirements and jackup backlog
The recently announced fleet retirements are positive but mainly serve as a signal, in our view, with the impact on supply/demand limited as the rigs (except DPS-5) were not being actively marketed. The fleet status report (FSR) contained several jackup extensions but limited news on the UDW fleet. While there is uncertainty for some rigs, we believe several could pick up work starting in mid-2026, helping to build 2027 visibility. Hence, the cash flow story remains on the horizon, with improvem...
- ABGSC Energy Research
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Njål Kleiven
- Oliver Dunvold
- Stian Wibstad
TGS Launches New Multi-client Project in the Barents Sea
TGS Launches New Multi-client Project in the Barents Sea OSLO, Norway (19 February 2025) – TGS, a leading provider of energy data and intelligence, is pleased to announce a new multi-client 3D streamer acquisition and processing project in the Goliat area of the Norwegian Barents Sea. The new GeoStreamer survey will span up to 1,600 sq.km. over recent discoveries such as Countach, Elgol and Lupa, and expand on TGS’ existing high-quality data coverage in the Goliat area of the prolific Hammerfest Basin. The Hammerfest Basin 3D project is scheduled to start in early August. Kristian Johanse...
- Felix Fischer
- Haidje Rustau
- Ian Wong
- Jayanth Kandalam
- Peter Low
- Trung Nguyen
- ABGSC Energy Research
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Njål Kleiven
- Oliver Dunvold
- Stian Wibstad
- ABGSC Oil & Oil Services Research
- John Olaisen
- Martin Huseby Karlsen
- Martin Huseby Karlsen
Valaris (Buy, TP: USD52.00) - Cash flow remains on the horizon
As rigs become idle and new demand is being pushed to the right, we now expect even more idle time in 2025–2026 (including tier-1 rigs). Thus, we have reduced our estimates even further and are 11–22% below consensus for 2025–2027e. While there is uncertainty for some of its rigs, we see a scenario where several units could pick up work with commencement from mid-2026, helping it to build 2027 visibility. Hence, its cash flow story remains on the horizon, and improvements would be key to help cl...
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