reports
- Martin Huseby Karlsen
Consensus back in focus and tier-2 deepwater risk
With the start of the Q1 reporting season for Offshore Drilling, we sense increased investor attention on the risk to consensus. Although we like the investment case for its valuation in the out-years (2026), our estimates remain below consensus. We see potential for share price volatility as near-term consensus is revised lower, while investors gradually underwrite 2026 valuations. We also believe the gaps between contracts and increased idle-time risk for tier-2 deepwater rigs are not properly...
Subsea 7 S.A. 2024 Annual General Meeting
Subsea 7 S.A. 2024 Annual General Meeting Luxembourg – 2 May 2024 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY, the Company) today announced that, at the 2024 annual general meeting of shareholders on 2 May 2024, all resolutions were approved, including the payment of a dividend of NOK 6.00 per common share, to be paid in two equal instalments. The minutes of the annual general meeting which detail the resolutions passed and the result of the votes cast in relation to each resolution are attached and available at subsea7.com. **************************************************************...
Subsea7: Subsea Integration Alliance collaboration agreement with Equi...
Subsea7: Subsea Integration Alliance collaboration agreement with Equinor; Commencing work on Wisting and Bay du Nord Luxembourg – 2 May 2024 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the signing of a new long-term strategic collaboration agreement between Equinor and Subsea Integration Alliance (which comprises Subsea7 and OneSubsea). The agreement, which was signed today in Stavanger, Norway, represents an innovative, integrated way of working. It enables early information sharing and other collaborative benefits critical to unlocking subsea projects by making them eco...
Awilco Drilling Plc: Keppel denied leave to appeal the ruling of the A...
Awilco Drilling Plc: Keppel denied leave to appeal the ruling of the AR2 arbitration tribunal Further to the stock exchange releases of 23 November 2023 and 15 January 2024 from Awilco Drilling PLC ("Awilco Drilling") regarding the termination of the newbuilding contract between Awilco Rig 2 Pte. Ltd. ("AR2") and Keppel FELS Limited ("KFELS") for the construction of a semi-submersible drilling rig, hull number B382. The Company has today received the decision of the High Court refusing Keppel’s application for leave to appeal the award of the AR2 arbitration tribunal. The award is in AR2's...
Transocean Ltd. Announces Consent Solicitation for 8.375% Senior Secur...
Transocean Ltd. Announces Consent Solicitation for 8.375% Senior Secured Notes due 2028 STEINHAUSEN, Switzerland, May 01, 2024 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) announced today that its wholly owned and indirect subsidiary, Transocean Titan Financing Limited (the “Company” and, together with Transocean Ltd., “Transocean”), is soliciting consents (“Consents” and, such solicitation being referred to herein as, the “Consent Solicitation”) from holders (the “Holders”) of its outstanding 8.375% Senior Secured Notes due 2028 (the “Notes”) as of 5:00 p.m. New York City time, on Apr...
- Martin Huseby Karlsen
Valaris (Buy, TP: USD100.00) - Closer to earnings ramp-up
Ahead of the Q1 report, we are on a par with guidance and consensus for EBITDA. Being a tad more conservative than consensus for Q2, we believe the significant ramp-up in EBITDA from Q2 would benefit the investment case. As focus shifts to 2026, we expect the NAV gap to close and the intrinsic value to crystallise. We reiterate our BUY and USD100 target price.
Transocean Ltd. Reports First Quarter 2024 Results
Transocean Ltd. Reports First Quarter 2024 Results Three months ended March 31, December 31, Sequential 2024 2023 change(In millions, except per share amounts and backlog) Contract drilling revenues$763 $741 $22 Adjusted contract drilling revenues$767 $748 $19 Revenue efficiency(1) 92.9 % 97.0 % (4.1)% Operating and maintenance expense$523 $569 $(46) Net income (loss) attributable to controlling interest$98 $(104) $202 Diluted earnings (loss) per share$0.11 $(0.13) $0.24 Adjusted EBITDA$199 $122 $77 Adjusted EBITDA...
- Martin Huseby Karlsen
Transocean Minor model adjustments
We have updated our estimates, primarily due to Transocean’s recent fleet status report. Despite having small delays included in the fleet status report, we remain just above the guidance and largely in line with Bloomberg consensus ahead of the Q1 results (due today after market close). We expect Q1 EBITDA of USD195m, largely in line with consensus (USD190m) and just above the guidance (USD188m). We do not consider these changes to be material, and we have not changed our HOLD recommendation. W...
PGS ASA: Annual Report 2023
PGS ASA: Annual Report 2023 April 29, 2024, Oslo, Norway: PGS' 2023 annual report can be downloaded from or The Company's 2023 annual financial statements in European Single Electronic Format (ESEF) can be downloaded from the same web pages. For details, contact: Bård Stenberg VP IR & Corporate Communication Mobile: . Attachments
TGS Vesting Under the 2022 Long-Term Incentive Plan
TGS Vesting Under the 2022 Long-Term Incentive Plan Oslo, Norway (29 April 2024) –TGS granted the second tranche of Performance Stock Units (PSUs) under the Magseis 2022 Long-term Incentive Plan previously adopted and authorized by the Board of Directors of TGS ASA in 2023. In accordance with the terms of this Plan, the second tranche of PSUs vested on 1 April 2024, resulting in a total of 61 PSU holders having the right to request the issuance of TGS shares at par value NOK 0.05. The company previously determined that the final payout on the PSUs is 58.3% based on achievement of perfor...
- Anthony Dick
- Michael Foundoukidis
ODDO BHF Small & MIDCAP MORNING NEWS - 04/26/2024 Date Performance sin...
Deutz is a leading non-captive engine manufacturer for a wide range of customer industries with a strong and very well-known brand. The company will enter a profitable growth period soon (CAGR 2023-26e sales 8%, EPS 18%). We initiate coverage with an Outperform rating and a target price of € 7.9, reflecting >40% upside from here. - ...
PROX PROXIMUS SA DE DROIT PUBLIC
SOP SOPRA STERIA GROUP SA
BFIT BASIC-FIT NV
NXI NEXITY SA CLASS A
MF WENDEL SE
SBS STRATEC SE
KORI KORIAN SA
STF STEF
ALCLA CLASQUIN SA
ASY ASSYSTEM SA
SWP SWORD GROUP SE
CGM CEGEDIM SA
SRP SRP GROUPE SA
MTU MANITOU BF SA
FII LISI SA
GBT GUERBET SA
ATE ALTEN SA
FR VALEO SE
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
SAVE SAVENCIA SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
SOC SUBSEA 7 S.A.
TIETO TIETOEVRY OYJ
ARCAD ARCADIS NV
SESL SES-IMAGOTAG SA
LIGHT SIGNIFY NV
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
CSM CORBION NV
VLTSA VOLTALIA
IBG IBERPAPEL GESTION S.A.
TEC TECHNIPFMC PLC
FTG111 FLATEXDEGIRO AG
BFSA BEFESA SA
SAB BANCO DE SABADELL SA
RBO ROCHE BOBOIS INTERNATIONAL SAS
GRP GREENCOAT RENEWABLES
- Anthony Dick
- Michael Foundoukidis
ODDO BHF Small & MIDCAP MORNING NEWS - 26/04/2024
Deutz is a leading non-captive engine manufacturer for a wide range of customer industries with a strong and very well-known brand. The company will enter a profitable growth period soon (CAGR 2023-26e sales 8%, EPS 18%). We initiate coverage with an Outperform rating and a target price of € 7.9, reflecting >40% upside from here. - ...
PROX PROXIMUS SA DE DROIT PUBLIC
SOP SOPRA STERIA GROUP SA
BFIT BASIC-FIT NV
NXI NEXITY SA CLASS A
MF WENDEL SE
SBS STRATEC SE
KORI KORIAN SA
STF STEF
ALCLA CLASQUIN SA
ASY ASSYSTEM SA
SWP SWORD GROUP SE
CGM CEGEDIM SA
SRP SRP GROUPE SA
MTU MANITOU BF SA
FII LISI SA
GBT GUERBET SA
ATE ALTEN SA
FR VALEO SE
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
SAVE SAVENCIA SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
SOC SUBSEA 7 S.A.
TIETO TIETOEVRY OYJ
ARCAD ARCADIS NV
SESL SES-IMAGOTAG SA
LIGHT SIGNIFY NV
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
CSM CORBION NV
VLTSA VOLTALIA
IBG IBERPAPEL GESTION S.A.
TEC TECHNIPFMC PLC
FTG111 FLATEXDEGIRO AG
BFSA BEFESA SA
SAB BANCO DE SABADELL SA
RBO ROCHE BOBOIS INTERNATIONAL SAS
GRP GREENCOAT RENEWABLES
- Martin Huseby Karlsen
Aker Solutions (Hold, TP: NOK40.00) - Probably dead money for a while
Despite Q1 EBITDA 25% above consensus (but in line with our estimate) and 2024e EBITDA c10% higher on updated guidance, we struggle to get excited about the story. The investment case suffers from a lack of financial details for the OneSubsea JV, which we believe investors would need to support a higher valuation. Meanwhile, a forecast working capital unwind and weak cash transition would probably be in focus. We also sense growing concern about the 2026+ outlook as Norway projects end, and back...
- Baptiste Lebacq
Subsea 7 : One of the rare pure players to play the acceleration in su...
>Outperform recommendation. Target price raised to NOK 220 - Post-publication and conference call, we are leaving our EBITDA forecasts for 2024-2026 unchanged. In our view, the group is well placed to: 1/ ride the coming acceleration in offshore capex (we look average annual market growth of more than 15% over 2023-2025e). 2/ and those in investment in renewables in the UK to reduce its reliance in the medium term on Russian gas and in the US under the IRA....
- Baptiste Lebacq
Subsea 7 : Un des rares pure players pour jouer l’accélération du Subs...
>Opinion Surperformance et OC relevé à 220 NOK - Post publication et conférence call, nous maintenons notre séquence d’EBITDA 2024/26 inchangée. Le groupe est, selon nous, bien positionné pour :1/ Surfer sur l’accélération à venir des Capex en offshore (nous tablons sur un marché en croissance annuelle moyenne de plus de 15% sur 2023/2025e). 2/ Ainsi que sur celles des investissements dans les renouvelables au Royaume-Uni pour réduire sa dépendance à MT au ...
CGG Announces its Q1 Financial Results on Tuesday 14th May 2024, afte...
CGG Announces its Q1 Financial Results on Tuesday 14th May 2024, after Market Close PARIS, France April 26th, 2024 First quarter 2024 financial results and conference call CGG will announce its first quarter financial results on Tuesday 14th May, after market close. The press release and the presentation will be made available on our website at 5:40 pm (CET)An English language analysts conference call is scheduled the same day at 6.00 pm (CET) Participants should register for the call to receive a dial-in number and code or participate in the live webcast from A replay of th...
Publication des résultats financiers du T1 2024 le mardi 14 mai aprè...
Publication des résultats financiers du T1 2024 le mardi 14 mai après bourse PARIS, France – 26 avril 2024 Résultats financiers du T1 2024 - conférence téléphonique CGG annoncera ses résultats du 1er trimestre 2024 le mardi 14 mai après bourse. Le communiqué de presse et la présentation seront disponibles sur le site à 17h40 (heure française).Une conférence téléphonique en langue anglaise est programmée à 18h00 (heure française) ce même jour. Pour accéder à la conférence en direct, merci de vous connecter à l’audio webcast depuis votre ordinateur sur le site . Les participan...
- Martin Huseby Karlsen
Subsea 7 (Buy, TP: NOK225.00) - On track for long-term growth
Q1 EBITDA was 5–10% above consensus and the best first quarter since 2017. Subsea and conventional performed well, while renewables broke even, although we see it improving with several new projects commencing late-Q1/early-Q2. The tender pipeline is strong, and management said it is in early discussions with clients for work extending towards the end of the decade, providing support for the cycle duration. There were no changes to the 2024–2025e guidance, and we have made limited estimate chang...
- ABGSC Oil & Oil Services Research
- Haakon Amundsen
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.