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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
  • Stian Wibstad
PREMIUM
DOFG-NO DOF GROUP

Positive newsflow to continue

Q1e mgmt EBITDA at USD 106m. Market looks tight despite a few newbuilds. 17% FCF yield (EV), BUY.

04/11/24 April 11, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+3)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
  • Stian Wibstad
PREMIUM
DOFG-NO DOF GROUP

Continues to delever rapidily

Q4 mgmt EBITDA 6% above. Estimates fairly unchanged and in the high-end of guidance. BUY, TP NOK 80.

02/26/24 February 26, 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 ... (+3)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
  • Stian Wibstad
PREMIUM
DOFG-NO DOF GROUP

Estimates up again

Q4e mgmt EBITDA at NOK 1.15bn. EBITDA up 2-8% for '24e-'25e. TP to NOK 80 (75) on higher estimates.

01/18/24 January 18, 2024 1 EN
ABGSC Strategy Research ... (+2)
  • ABGSC Strategy Research
  • Bengt Jonassen
PREMIUM
BONHR-NO BONHEUR
ENTRA-NO ENTRA ... (+9)

Norway: Best Ideas Q4'23

Best ideas are; AKRBP, MOWI, STB, 2020, BONH, DOFG, ENTRA, ELMRA and KOMPL

BONHR-NO BONHEUR
ENTRA-NO ENTRA
ELMRA-NO ELMERA GROUP
AKRBP-NO AKER BP
STB-NO STOREBRAND
KOMPL-NO KOMPLETT
2020-NO 2020 BULKERS LTD.
MOWI-NO MOWI
DOFG-NO DOF GROUP
12/14/23 December 14, 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 ... (+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 ... (+3)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
  • Stian Wibstad
11/12/23 November 12, 2023 1 EN
ABGSC Oil & Oil Services Research ... (+3)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
  • Stian Wibstad
PREMIUM
DOFG-NO DOF GROUP

Continued tailwind into H2

We expect solid performance in Q3e with EBITDA NOK 1.27bn. The market continues to develop positively. Low valuation - BUY, TP NOK 70 (65).

11/03/23 November 3, 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 ... (+3)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
  • Stian Wibstad
09/19/23 September 19, 2023 1 EN
ABGSC Oil & Oil Services Research ... (+3)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
  • Stian Wibstad
PREMIUM
DOFG-NO DOF GROUP

Stronger than expected momentum

Q2 EBITDA of NOK 1.35bn, 24% better than we expected. Well covered for H2e and '24e. Vessel value and estimates up - BUY - TP NOK 65 (60).

08/24/23 August 24, 2023 1 EN
ABGSC Oil & Oil Services Research ... (+3)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
  • Stian Wibstad
PREMIUM
DOFG-NO DOF GROUP

The right leverage at the right time

Seasoned subsea-focused player returning. The right exposure as the market accelerates. Initiating with BUY and TP of NOK 60.

07/31/23 July 31, 2023 1 EN
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