reports
- ABGSC Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Oliver Dunvold
- Stian Wibstad
- ABGSC Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Oliver Dunvold
- Stian Wibstad
- ABGSC Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Stian Wibstad
- ABGSC Renewable Energy Research
- Adrian Gilani
- Åsne Holsen
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Stian Wibstad
ORSTED ORSTED
HEX HEXAGON COMPOSITES ASA
NEL NEL ASA
SSO SCATEC ASA
EOLU B EOLUS VIND AB
FKRFT FJORDKRAFT HOLDING ASA
CADLR CADELER
VOLUE VOLUE AS
A2QKGG HEXAGON PURUS
AKH AKER HORIZONS
ZAP ZAPTEC
VWS VESTAS WIND SYSTEMS
EWIND EDDA WIND ASA
ECC B ECOCLIME GROUP AB
TOM TOMRA SYSTEMS ASA
IWS-NO INTEGRATED WIND SOLUTIONS
OX2-SE OX2
ARISE-SE ARISE
GREENH-DK GREEN HYDROGEN SYSTEMS
BIOGAS-SE BIOKRAFT INTERNATIONAL
TGS Awards Performance Share Units and Restricted Share Units
TGS Awards Performance Share Units and Restricted Share Units Oslo, Norway (27 November 2024) – TGS has issued awards of Performance Share Units (PSUs) and Restricted Share Units (RSUs) to 408 key employees of the Company, as authorized by the shareholders of the company at its Extraordinary General Meeting on 25 July 2024. With the exception of certain RSUs, which are secured by the Company’s treasury stock, the PSUs and RSUs are secured by free-standing warrants that, upon vesting of the PSUs and RSUs in accordance with their terms, are convertible to shares of the Company’s common stock...
- Martin Huseby Karlsen
Petrobras rig pool tender appears to have awarded three of four rig sl...
For the Petrobras ‘rig pool’ tender, which had bids due in mid-October, bid evaluation appears to have been completed. The tender was for “up to” four deepwater rigs with 3-year duration across three lots. It seems Petrobras has only progressed with three of the maximum four rigs it could award. Lots 1 and 2 appear to have gone to local contractors Constellation and Etesco, while only Seadrill was selected in Lot 3, making up the three rigs in total (meaning Valaris was not selected in Lot 3). W...
- ABGSC Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Oliver Dunvold
- Stian Wibstad
- ABGSC Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Stian Wibstad
- Martin Huseby Karlsen
Paratus Energy (Buy, TP: NOK70.00) - Mexico concerns remain
While short-term in nature, Pemex’s 45-day suspension for jackup Courageous adds to investor concerns related to Paratus Energy’s Mexico exposure. We have taken a more conservative approach to our jackup modelling (both day-rates and risk for contract gaps), more than offsetting the short-term positive effect from the raised 2024 guidance (helped by strong PLSV performance). We reiterate our BUY, but have lowered our target price to NOK70 (80).
- ABGSC Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Oliver Dunvold
- Stian Wibstad
- Steffen Evjen
TGS (Buy, TP: NOK130.00) - Housekeeping
By reducing its average interest rate from 11.5% to 8.5% and annual interest costs by ~USD20m, TGS completed its debt refinancing at slightly better terms than we expected, prompting minor positive revisions to our 2024–2025e FCF and EPS. We still see a strong near-term cash flow outlook with limited debt amortisation supporting its capacity to raise dividends meaningfully after 2025e even in a flat seismic market. We reiterate our BUY and have raised our target price to NOK130 (125).
- Martin Huseby Karlsen
- Martin Huseby Karlsen
Petrobras FPSO delays may hit service volumes but lengthen cycle
Being the largest global consumer of deepwater oil services, Petrobras’ strategic plans tend to get investor attention. On the positive side, its latest 5-year plan sees 5% higher E&P spending than the previous one, and has a more stable phasing between the years, which is supportive for the cycle duration. However, several FPSOs are facing significant delays, which is on the downside for oil services, leading to delays for deepwater oilfield services (primarily drilling and subsea), likely resu...
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.
- Ian Wong
- Ian Wong
TGS ASA - Tear Sheet - Lucror Analytics
TGS ASA has priced a USD 550 mn five-year senior unsecured notes offering at par to yield 8.5%. Proceeds from the offering, along with cash on balance sheet, restricted cash reserve for ECF loans and borrowings from the new term loan A, will be used to fully redeem the USD 450 mn senior secured bond due 2027, repay amounts drawn from the existing RCF, repay the ECF loans, as well as pay fees and expenses related to the transaction. We see yields on the notes as slightly attractive, and initi...
TGS ASA Announces Pricing of Senior Secured Notes Offering
TGS ASA Announces Pricing of Senior Secured Notes Offering OSLO, Norway (20th November 2024) – TGS ASA (“TGS” or the “Company”), a global leader in energy data and intelligence, today announced that it has priced its offering (the “Offering”) of $550 million aggregate principal amount of 8.50% Senior Secured Notes due 2030 (the “Notes”) at a price equal to 100.0% of the aggregate principal amount thereof. Interest will be payable semi-annually. In connection with the Offering, the Company has also announced that it has entered into new super senior secured credit facilities, which include ...
Petroleum Geo-Services AS – Exercise of call option for PGEOS01
Petroleum Geo-Services AS – Exercise of call option for PGEOS01 OSLO, Norway (20 November 2024) – Further to announcement by TGS ASA (“TGS”) on 20 November 2024, TGS' subsidiary, Petroleum Geo-Services AS, has today given a conditional notice of exercise of its option to redeem all outstanding bonds under the Petroleum Geo-Services AS 13.50% Senior Secured USD 450,000,000 Bond Issue (PGEOS01) with ISIN NO0012873670 (the "Bonds"). The Bonds will be redeemed at a price equal to 109.5% of the face value for each redeemed Bond, which constitutes the Make-Whole Amount under the Bonds. In accord...
- ABGSC Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Stian Wibstad
TGS Awarded OBN Contract in Europe
TGS Awarded OBN Contract in Europe OSLO, Norway (20 November 2024) – TGS, a leading provider of energy data and intelligence, is pleased to announce award of an OBN contract in Europe. The company’s node-on-a-rope crew is scheduled to commence acquisition early April 2025 and the contract has a duration of approximately 35 days. Kristian Johansen, CEO of TGS, commented, "We are very pleased to secure this contract from a repeat customer. Our node-on-a-rope crew ensures efficient acquisition of high quality data over a well-established producing field. The data is used to optimize resource...
- ABGSC Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Stian Wibstad
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