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 PRESS RELEASE

Prosafe SE: Operational Update - May 2024

Prosafe SE: Operational Update - May 2024 Oslo, 21 May 2024  Fleet utilisation for April 2024 was 56 percent.   Safe Notos and Safe Eurus had utilisation of 100 percent in April 2024 while Safe Zephyrus had utilisation of 93 percent.   Safe Concordia had utilisation of 100 percent in April 2024.   Safe Caledonia is laid up at Scapa Flow in the UK pending future work.  Safe Boreas and Safe Scandinavia are laid up in Norway pending future work.     Prosafe is a leading owner and operator of semi-submersible accommodation vessels. The company i...

 PRESS RELEASE

Subsea7 share repurchases

Subsea7 share repurchases Luxembourg – 21 May 2024 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced transactions made in accordance with its share repurchase programme during the week commencing 13 May 2024.                                                Date on which the share repurchase programme was announced: 25 July 2019, with a two-year extension announced on 19 April 2023. The duration of the share repurchase programme: until 18 April 2025.                                                        In the period from 13 May 2024 until 16 May 2024 Subsea 7 S.A. has repurchas...

Jonathan Moreland
  • Jonathan Moreland

InsiderInsights Weekly Report: May 18, 2024

InsiderInsights Ratings of Companies with Open-Market Form 4 Purchases; Sales Filed at the SEC on the date above. We separate the real investment intelligence from the noise. Saving you time, and improving your research process

Transocean Ltd: 1 director

A director at Transocean Ltd bought 2,000,000 shares at 6.010USD and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clea...

 PRESS RELEASE

Viridien (formerly CGG): Viridien introduces its new ticker symbol

Viridien (formerly CGG): Viridien introduces its new ticker symbol Viridien Introduces Its New Ticker Symbol Paris, France – May 17, 2024 The Company’s shareholders approved the corporate name change from CGG to Viridien at the Annual General Meeting on May 15, 2024. The new ticker symbol for Viridien shares listed on Euronext Paris will be “VIRI”, effective May 21, 2024. New NameISIN codeEuronext codeNew tickerEffective dateViridienFR0013181864FR0013181864VIRIMay 21, 2024 About Viridien (formerly CGG): Viridien (), formerly CGG, is an advanced technology, digital and Earth data compa...

 PRESS RELEASE

Viridien (anciennement CGG) : Viridien adopte un nouveau code mnémoniq...

Viridien (anciennement CGG) : Viridien adopte un nouveau code mnémonique Viridien adopte un nouveau code mnémonique Paris, France – 17 Mai 2024 Les actionnaires de la Société ont approuvé le changement de dénomination sociale de CGG à Viridien lors de l’Assemblée Générale annuelle du 15 mai 2024. Le nouveau code mnémonique des actions Viridien cotées sur Euronext Paris sera “VIRI” à compter du 21 mai 2024. Nouveau libelléCode ISINCode EuronextNouveau mnémoniqueDate d’effetViridienFR0013181864FR0013181864VIRI21 mai 2024 A propos de Viridien (anciennement CGG) : Viridien () est un leader ...

Martin Huseby Karlsen
  • Martin Huseby Karlsen

Valuation and market update

In this note, we show updated valuation and market statistics for the Offshore Drilling sector.

Carole Braudeau
  • Carole Braudeau

Credit Morning 05/16/2024

Altice designates certain subsidiaries as unrestricted (Bloomberg)Elior: good H1 23/24 results and confidence in targetsMoody's upgrades Monte's ratings by one notch to Ba2 senior and Ba3 Tier 2Avolta (ex-Dufry): solid first quarter, guidance confirmedMaxeda: after a difficult FY 2023 (leverage above 5x), the group is counting on its free cash flow generation in 2024 to deleverage before refinancing next year.>...

Carole Braudeau
  • Carole Braudeau

Morning Crédit 16/05/2024

Maxeda : après une année 2023 difficile (levier au-dessus de 5x), le groupe mise sur sa génération de free cash-flow en 2024 pour se désendetter avant son refinancement l’an prochainAltice désigne certaines filiales comme non restreintes (Bloomberg)Moody’s réhausse d’un cran les notes de Monte, à Ba2 en senior et à Ba3 en Tier 2Elior : bonne publication au S1 23/24 et confiance sur les objectifs fixésAvolta (ex-Dufry) : Très bon trimestre, guidances confirmées...

 PRESS RELEASE

Viridien (anciennement CGG) : Assemblée Générale Mixte et Réunion du C...

Viridien (anciennement CGG) : Assemblée Générale Mixte et Réunion du Conseil d’administration du 15 mai 2024 Assemblée Générale Mixte et Réunion du Conseil d’administration du 15 mai 2024 Paris, France – 16 mai 2024 L’Assemblée Générale Mixte de Viridien (anciennement CGG) s’est tenue le 15 mai 2024 à Paris sous la présidence de Monsieur Philippe SALLE, Président du Conseil d’administration. Le résultat des votes et la retransmission audio de l’évènement seront disponibles sur le site de la Société :        . L’Assemblée Générale a adopté l’ensemble des résolutions qui lui ont été soum...

 PRESS RELEASE

Viridien (formerly CGG): Combined General Meeting and Board of Directo...

Viridien (formerly CGG): Combined General Meeting and Board of Directors Meeting of May 15, 2024 Combined General Meeting and Board of Directors Meetingof May 15, 2024 Paris, France – May 16, 2024 The Combined General Meeting of Viridien (formerly CGG), presided by Mr. Philippe SALLE, Chairman of the Board of Directors, was held on May 15, 2024 in Paris. The voting results and audio replay of the event will be available on the Company’s website at the following address: . The General Meeting adopted all resolutions that were submitted to it and notably approved the following: the statu...

Martin Huseby Karlsen
  • Martin Huseby Karlsen

Odfjell Drilling (Buy, TP: NOK65.00) - Investment case intact

After several quarters with results in line or above expectations, Q1 was slightly negative on somewhat higher capex for its upcoming 5-year surveys. Despite a NOK1.3/share effect compared to our estimates, the investment case remains intact, with an industry-leading cash-flow yield (17–26% yield to EV in 2025–2026e) and highly attractive multiples (adj. 2026e EV/EBITDA of 2.3x). We expect it to continue to outperform the sector, and maintain our BUY and NOK65 target price.

Martin Huseby Karlsen
  • Martin Huseby Karlsen

Seadrill (Buy, TP: NOK600.00) - Consensus needs to adjust

Q1 EBITDA (excluding a one-off for future tax credits) was in line with our forecast and Seadrill reiterated guidance, which included the same one-off. Key ahead is to get visibility and de-risk the rigs with a binary outcome, namely the West Phoenix in Norway, while we are more constructive on Sevan Louisiana and Capella. Despite our more conservative view than consensus on these rigs (we are 15–17% below on 2025–2026e EBITDA), we consider Seadrill among the most attractively valued large cap o...

 PRESS RELEASE

CGG Change de Nom pour Devenir Viridien

CGG Change de Nom pour Devenir Viridien Paris, France – le 16 mai 2024 Lors de l'assemblée générale annuelle du 15 mai 2024, les actionnaires de la société ont approuvé la résolution visant à changer la dénomination sociale de CGG à Viridien. Sophie Zurquiyah, Directeur Général de Viridien, a déclaré : « Notre nouveau nom, Viridien, relie l'histoire de notre société à notre avenir, nous positionnant avec confiance pour une croissance accélérée en tant que leader mondial en technologies de pointe, en numérique et en données de la Terre. » Pour soutenir sa stratégie de ...

 PRESS RELEASE

CGG Changes Name to Viridien

CGG Changes Name to Viridien Paris, France – May 16, 2024 At the Annual General Meeting on May 15, 2024, shareholders approved the resolution to change the company’s corporate name from CGG to Viridien. Sophie Zurquiyah, CEO, Viridien, said: “Our new name, Viridien, connects our company’s history to our future, confidently positioning us for accelerated growth as an Advanced Technology, Digital and Earth Data Company.” To further support its growth strategy, the company will launch the new Viridien brand on 10th June at the upcoming EAGE Annual Conference in Oslo, further s...

Aleksander Erstad
  • Aleksander Erstad

DOF Group (Buy, TP: NOK110.00) - Profiting from solid subsea market

DOF continued its strong execution in Q1, with EBITDA 5% above consensus. Net debt was flat QOQ but this was driven by non-cash lease additions for Maersk Installer, which should start contributing to earnings from Q2. The market keeps improving and management highlighted up to 10 long-term charter opportunities and clients already tendering for project work to be executed in 2027. It targets a refinancing in 2025 and said it aims for 1.5x net debt/EBITDA before paying dividends, which we foreca...

ABGSC Oil & Oil Services Research ... (+3)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
  • Stian Wibstad

In the right direction on most metrics

Q1 EBITDA 5% above. Estimates largely unchanged and in the high end of guidance. BUY, TP NOK 120 (95).

 PRESS RELEASE

Subsea 7 S.A. notification of major holding

Subsea 7 S.A. notification of major holding Luxembourg – 15 May 2024 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced that, on 15 May 2024, Barclays Capital Securities Limited1 informed the Company that it had breached thresholds provided for by Luxembourg’s Transparency Law of 11 January 2008 on transparency requirements for issuers of securities as amended (the “Transparency Law”) as follows: On 10 May 2024 the total number of voting rights in the Company according to Article 8 and 9 of the Transparency Law attached to shares was 260,731On 10 May 2024 the total number of vot...

Jerôme Bodin ... (+2)
  • Jerôme Bodin
  • Thomas Zlowodzki

ODDO BHF Small & MIDCAP MORNING NEWS - 05/15/2024 Date Performance sin...

With 71% of the companies in the Stoxx 600 having released their Q1 2024 results, the picture at this stage is encouraging, with 58% of positive surprises on results. Materials and financials were the sectors that delivered the most positive surprises. If the Q4 2023 earnings season put an end to a downward revision of EPS, the Q1 2024 earnings season has triggered the start of an upward EPS revision, more markedly in the US than in Europe. In terms of sectors, re-rating effects conti...

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