reports
- Martin Huseby Karlsen
Seadrill (Buy, TP: NOK600.00) - Focus on clarity for tier-2 rigs
While the high-end deepwater market is set to retain its momentum, and focus for the investment case relates to extending its late-2025 Brazil rollovers, we see investors seeking clarity for its tier-2 harsh & deepwater rigs. We have risked such rigs (West Phoenix in particular) in our NAV and estimates, which probably explains why we are c16% below consensus for 2025–2026e. Despite these deviations and the risks of near-term share price volatility and lower 2024 guidance, we consider Seadrill a...
Subsea 7 S.A. notification of major holding
Subsea 7 S.A. notification of major holding Luxembourg – 10 May 2024 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced that, on 10 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 6 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 15,294,833On 6 May 2024 the total number of vo...
Subsea7: Subsea Integration Alliance awarded contract offshore Türkiy...
Subsea7: Subsea Integration Alliance awarded contract offshore Türkiye Luxembourg – 10 May 2024 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award of a large1 contract by Turkish Petroleum Offshore Technology Center AS (TP-OTC) relating to the Sakarya field development in the Black Sea, offshore Türkiye. The award will be booked in backlog in Q2 2024. An initial contract was awarded in May 2023 to a consortium including SLB, Subsea Integration Alliance2 and Saipem for the engineering, procurement, construction and installation of the second development phase (2a) of t...
PGS Contract Award in West Africa
PGS Contract Award in West Africa May 10, 2024, Oslo, Norway: PGS is awarded a 4D contract in West Africa for an international energy company. Mobilization is scheduled for early September. The contract has a total duration of approximately 65 days, with an option to extend. “We are very pleased with this contract award, securing visibility for another of our vessels well into the fourth quarter. After completion of scheduled acquisitions programs during the Northern Europe summer season we will steam a vessel to West Africa to commence this contract. By combining the Ramform acquisition p...
- ABGSC Oil & Oil Services Research
- John Olaisen
- ABGSC Oil & Oil Services Research
- John Olaisen
- Aleksander Erstad
DOF Group (Buy, TP: NOK110.00) - Building long-term visibility
We expect still-high utilisation in Q1, and adj. EBITDA of USD107m (3% above consensus). Demand for subsea vessels remains firm, and DOF is in the process of securing new contracts for PLSVs and AHTS vessels with Petrobras, which we believe will result in 3.5–4 years’ average backlog coverage for the DOFCON and Norskan silos (together accounting for 40% of our 2025–2026e EBITDA). Peer group 2025e EV/EBITDA and FCFF yield suggest a fair value of NOK106–116. We reiterate our BUY and have raised ou...
CGG Launches AI Cloud Solution Powered by NVIDIA for Optimized AI and ...
CGG Launches AI Cloud Solution Powered by NVIDIA for Optimized AI and HPC Workloads Paris, France – May 9, 2024 CGG, a global technology and HPC leader, has announced the launch of its solution, designed to meet the needs of data-intensive industries, including life sciences, digital media, manufacturing and geoscience, that seek to optimize and accelerate their demanding and resource-heavy AI workloads. CGG’s new AI Cloud solution combines the latest high-performance architecture, including cutting-edge GPUs fully configured and optimized for AI fine-tuning and inference, wit...
CGG Lance sa Solution AI Cloud pour Optimiser les Flux de Travail d’IA...
CGG Lance sa Solution AI Cloud pour Optimiser les Flux de Travail d’IA et d’HPC Paris, France – le 9 mai 2024 CGG, un leader mondial en technologies et calcul scientifique de Haute Performance (HPC), annonce ce jour le lancement de sa solution , conçue pour répondre aux besoins des entreprises les plus consommatrices de données, telles celles présentes sur les marchés des sciences de la vie, des médias numériques, de l’industrie automobile et aéronautique et des géosciences, qui cherchent à optimiser et à accélérer leurs flux de production exigeants et consommateurs en ressources utilisa...
- Steffen Evjen
PGS (Hold, TP: NOK8.50) - Negative underlying FCF
Q1 EBITDA was below expectations, on higher costs. While cash conversion appeared exceptionally strong, we believe it was driven by non-recurring items, leaving underlying cash flow much weaker than headline figures suggest. We forecast negative underlying FCF in 2024, adjusting for arbitration proceeds received in Q1. Expecting soft vessel utilisation in Q2 as well, due to steaming and yard stays, we have reduced our 2024e EBITDA by 7%. We reiterate our HOLD, but have cut our target price to NO...
- Steffen Evjen
TGS (Hold, TP: NOK125.00) - Few reasons to engage near-term
Given a more muted near-term outlook, we expect cuts to consensus for the Acquisition business, but also soft utilisation of the soon-to-be-acquired PGS vessels in Q2, leaving investors few reasons to buy the stock near-term. We therefore reiterate our HOLD but have cut our target price to NOK125 (130) on our lower 2024–2026e proprietary revenue estimates.
- ABGSC Oil & Oil Services Research
- Haakon Amundsen
- ABGSC Oil & Oil Services Research
- John Olaisen
CGG Announces Alliance with Baker Hughes Offering Carbon Capture & Sto...
CGG Announces Alliance with Baker Hughes Offering Carbon Capture & Storage Solutions Paris, France – May 8, 2024 CGG has signed a Memorandum of Understanding with Baker Hughes, an energy technology company, at the 2024 Offshore Technology Conference (OTC) in Houston to facilitate the parties exploring jointly offered carbon capture & storage (CCS) solutions. The collaboration and proposed commercial alliance intends to support the rapid increase of CCS projects that is underway by providing high-quality and fully integrated end-to-end solutions to screen, select, characterize an...
CGG Annonce une Alliance avec Baker Hughes pour Offrir des Solutions d...
CGG Annonce une Alliance avec Baker Hughes pour Offrir des Solutions de Captage et de Stockage de CO2 Paris, France – le 8 Mai 2024 CGG a signé un protocole d’accord (MoU) avec Baker Hughes, une société spécialisée dans les technologies liées à l’industrie énergétique, à l’occasion de la conférence OTC 2024 (Offshore Technology Conference) à Houston, afin de permettre aux parties d’explorer l’offre conjointe de solutions de captage et de stockage de dioxyde de carbone. Cette collaboration ainsi que l’alliance commerciale proposée a pour intention de soutenir la croissance rapide d...
TGS Quarterly Dividend
TGS Quarterly Dividend OSLO, NORWAY (8 May 2024) – Following the authorization from the Annual General Meeting on 10 May 2023, the Board of TGS ASA has resolved to distribute a quarterly dividend of the NOK equivalent of USD 0.14 per share (NOK 1.52 per share) in Q2 2024. Key information relating to the cash dividend: Dividend amount and declared currency: USD 0.14 per share (equivalent to NOK 1.52 per share)Last trading day including right: 15 May 2024 Ex-date: 16 May 2024Record date: 21 May 2024Payment date: 3 June 2024 Date of approval: 7 May 2024 Company Summary TGS ...
Prosafe SE: First-quarter results 2024
Prosafe SE: First-quarter results 2024 (Figures in brackets refer to the corresponding period last year) 8 May 2024 – Prosafe SE reported EBITDA of USD 7.2 million (negative USD 6.4 million) for the first quarter of 2024. The year-over-year increase in EBITDA was mainly driven by higher utilisation, with four active vessels during the quarter, compared to two active vessels in the same period of 2023. Operations and HSSE Good operating and safety performance on all vessels Q1 2024 utilisation of 56.3% (28.6%), four out of seven vessels operating during the quarterSafe Zephyrus, Safe N...
TGS Announces Q1 2024 Results
TGS Announces Q1 2024 Results OSLO, Norway (8 May 2024) - TGS today reported interim financial results for Q1 2024. The quarter reflected a strong development in multi-client late sales and high POC early sales rate, resulting in solid profitability in POC financials. Financial highlights: POC revenues (1) were USD 227 million compared to USD 229 million in Q1 2023 POC EBITDA of USD 143 million versus USD 119 million in Q1 2023POC operating result was USD 40 million compared to USD 25 million in Q1 2023 Contract inflow of USD 140 million during Q1 2024 compared to USD 248 million ...
PGS ASA: First Quarter 2024 Results
PGS ASA: First Quarter 2024 Results Good start to 2024 Highlights Q1 2024 Produced Revenues of $222.6 million, compared to $172.2 million in Q1 2023Produced EBITDA of $112.5 million, compared to $71.5 million in Q1 2023Produced EBIT (ex. Impairments and other charges, net) of $26.1 million, compared to a loss of $19.7 million in Q1 2023Revenues and Other Income according to IFRS of $217.2 million, compared to $143.1 million in Q1 2023Cash flow from operations of $127.8 million, compared to $134.4 million in Q1 2023Cash and cash equivalents of $147.2 million, compared to $154.1 millio...
Prosafe SE: Annual General Meeting completed
Prosafe SE: Annual General Meeting completed Pursuant to the Notice of 16 April 2024, an Annual General Meeting of Prosafe SE was held today, 7 May 2024. The Annual General Meeting resolved to approve all matters as proposed in the Notice. The minutes from the Annual General Meeting are attached and can be downloaded from and Prosafe is a leading owner and operator of semi-submersible accommodation vessels. The company is listed on the Oslo Stock Exchange with ticker code PRS. For more information, please refer to 7 May 2024 Prosafe SE For further information, please contact: Glen ...
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