reports
- Martin Huseby Karlsen
ENI capex cut but maintains shareholder returns
Driven by macro headwinds and uncertainty around trade tariffs, ENI was the first large oil company to introduce capex cuts for 2025, contributing to a more challenging business environment for oil services. Over the past five years, we estimate ENI to have been the oil major with strongest offshore spending growth, and it has been considered active and opportunistic while others have been more conservative. Hence, we see its reduction as a soft datapoint for oil services. ENI has optimised its ...
SDRL SEADRILL LTD
ARCHERO ARCHER
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
ODL ODFJELL DRILLING
AKSOO AKER SOLUTIONS ASA
DO DIAMOND OFFSHORE DRILLING INC.
RIGN TRANSOCEAN LTD.
BWO BW OFFSHORE LIMITED
BORR BORR DRILLING
SHLF SHELF DRILLING LTD.
VAL VALARIS LTD
NE NOBLE CORP NEW
OTL ODFJELL TECHNOLOGY LTD
SDNS SHELF DRILLING NORTH SEA
DDRIL DOLPHIN DRILLING
DOFG DOF GROUP ASA
VTURA VENTURA OFFSHORE
PLSV PARATUS ENERGY SERVICES LTD.
- ABGSC Energy Research
- Daniel Vårdal Haugland
- John Olaisen
- Njål Kleiven
- Oliver Dunvold
- Stian Wibstad
TGS Webcast Details for Q1 2025 Presentation
TGS Webcast Details for Q1 2025 Presentation Oslo, Norway (23 April 2025) - TGS, a leading global provider of energy data and intelligence will release its Q1 2025 results at approximately 07:00 a.m. CEST on 9 May 2025. CEO Kristian Johansen and CFO Sven Børre Larsen will present the results at 09:00 a.m. CEST at House of Oslo, Ruseløkkveien 34 in Oslo, Norway. The presentation is open to the public and will be webcasted live. Access and registration for webcast attendees are available by copying and pasting the link below into your browser, or use the link on the front page of :/landin...
- ABGSC Renewable Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
- Martin Huseby Karlsen
Welcomed tender from Petrobras
Updates suggest Petrobras yesterday launched a new tender for “one or more” deepwater rigs for the Buzios field starting late-2026/early-2027. As it has been a while since the last Petrobras tender, and there has been uncertainty related to the timing of upcoming tenders, we believe a new Petrobras tender would offer relief for investors. As we count nine rigs already contracted with Petrobras to match the start-up window, we expect the requirement would be filled by rigs already in the country,...
- Martin Huseby Karlsen
Looking at required day-rates
Although there are several ongoing deepwater tenders, the lack of recent deepwater fixtures has created uncertainty among investors related to day-rates. Consequently, we have analysed the required day-rates to support current share prices and valuations. Given the high operating leverage and multiple variables involved (utilisation, lifetime and cost of capital), we estimate the sector requires 7G drillship day-rates from the mid-USD300k and above to support the current share prices.
Notice of Annual General Meeting 2025
Notice of Annual General Meeting 2025 OSLO, NORWAY (15 April 2025) - The annual general meeting of TGS ASA ("TGS" or the "Company") will be held on 8 May 2025 as a virtual meeting through the facilities of Lumi at 17:00 hours (Oslo time). The notice for the annual general meeting is attached hereto (English and Norwegian), together with relevant appendices. The notice will be sent to all registered shareholders on 15 April 2025. To register your attendance, grant proxy or cast votes electronically in advance through VPS Investor Services, please use the following link: /gm/logOn.htm?tok...
- ABGSC Energy Research
- Daniel Vårdal Haugland
- John Olaisen
- Njål Kleiven
- Oliver Dunvold
- Stian Wibstad
- Felix Fischer
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
- Tanvi Arora
- ABGSC Energy Research
- Daniel Vårdal Haugland
- John Olaisen
- Njål Kleiven
- Oliver Dunvold
- Stian Wibstad
- ABGSC Oil & Oil Services Research
- John Olaisen
TGS Q1 2025 Operational Update
TGS Q1 2025 Operational Update OSLO, Norway (8 April 2025) – TGS ASA (“TGS”), a leading global provider of energy data and intelligence routinely publishes a quarterly operational update six working days after quarter-end. The table below shows TGS’ normalized Ocean Bottom Node (OBN) crew count: Q1 2025Q1 2024Normalized crew count Contract1 2.81.9Normalized crew count Multi-client10.20.0 1) The table shows the average number of crews in operation when assuming a normalized crew size. The table below shows TGS’ allocation of active seismic streamer 3D vessel capacity2: Q1 2025Q1 202...
- ABGSC Energy Research
- Daniel Vårdal Haugland
- John Olaisen
- Njål Kleiven
- Oliver Dunvold
- Stian Wibstad
- ABGSC Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
- John Olaisen
- Stian Wibstad
TGS awarded OBN 3D contract offshore Trinidad
TGS awarded OBN 3D contract offshore Trinidad OSLO, Norway (7 April 2025) – TGS, a leading provider of energy data and intelligence, is pleased to announce the award of a shallow water OBN acquisition contract in Trinidad. The 3D baseline contract is scheduled to commence in early Q3. The total duration of the survey is approximately 80 days. Kristian Johansen, CEO of TGS, commented, "Our OBN technology continues to be the preferred choice of the industry and exposes TGS to clients’ production budgets and asset optimization initiatives. We are pleased to secure this new 3D shallow water O...
- ABGSC Oil & Oil Services Research
- John Olaisen
- Martin Huseby Karlsen
E&P spending sensitivity explored
With an oil price at the mid-USD60s/bbl level, focus on the oil major overspending situation, and resulting impact on the outlook for offshore-focused oil services, is set to increase further. While oil companies would likely cut, or even eliminate, buyback programmes first, we expect increased focus on spending reductions and efficiencies, creating a more challenging business environment for oil services. Hence, we see a risk of oil companies taking a more cautious approach, resulting in projec...
SDRL SEADRILL LTD
ARCHERO ARCHER
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
ODL ODFJELL DRILLING
AKSOO AKER SOLUTIONS ASA
DO DIAMOND OFFSHORE DRILLING INC.
RIGN TRANSOCEAN LTD.
BWO BW OFFSHORE LIMITED
BORR BORR DRILLING
SHLF SHELF DRILLING LTD.
VAL VALARIS LTD
NE NOBLE CORP NEW
OTL ODFJELL TECHNOLOGY LTD
SDNS SHELF DRILLING NORTH SEA
DDRIL DOLPHIN DRILLING
DOFG DOF GROUP ASA
VTURA VENTURA OFFSHORE
PLSV PARATUS ENERGY SERVICES LTD.
- ABGSC Energy Research
- Daniel Vårdal Haugland
- John Olaisen
- Njål Kleiven
- Oliver Dunvold
- Stian Wibstad
- ABGSC Oil & Oil Services Research
- John Olaisen
- Njål Kleiven
- Oliver Dunvold
- Stian Wibstad
EQNR EQUINOR ASA
AKAST AKASTOR ASA
KOG KONGSBERG GRUPPEN ASA
SOC SUBSEA 7 S.A.
PEN PANORO ENERGY ASA
ARCHERO ARCHER
AKER AKER ASA CLASS A
DNO DNO ASA CLASS A
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
ODL ODFJELL DRILLING
AKSOO AKER SOLUTIONS ASA
BWO BW OFFSHORE LIMITED
PRS PROSAFE
OKEA OKEA
BWE BW ENERGY
VAR VAR ENERGI ASA
SEAPT-NO SEACREST PETROLEO
DOFG DOF GROUP ASA
- ABGSC Oil & Oil Services Research
- John Olaisen
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