reports
- 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
TGS Launches New Multi-Client Ultra Long Offset OBN Project in the Gul...
TGS Launches New Multi-Client Ultra Long Offset OBN Project in the Gulf of America OSLO, Norway (1 April 2025) – TGS, a leading global provider of energy data and intelligence, announces the commencement of a new Multi-Client Ultra Long Offset Ocean Bottom Node (OBN) data acquisition campaign in the Gulf of America. The Amendment 4 project will expand node coverage in TGS' Multi-Client library, adding over 1,100 square kilometers in the Mississippi Canyon, Ewing Banks, and Grand Isle South areas. Amendment 4 will feature TGS' , offering lower frequency and improved signal-to-noise for ultr...
TGS 2024 Annual Report
TGS 2024 Annual Report OSLO, Norway (21 March 2025) - TGS, a leading global provider of energy data and intelligence, published its 2024 annual report today. In addition, TGS has published its 2024 Management Remuneration Report (MRR) according to the Norwegian Public Limited Liability Companies Act, section 6-16b (2). The 2024 annual report and the MRR are available on the TGS’ website The Annual Report has also been published in European Single Electronic Format (ESEF) and can be downloaded from TGS.com () or . About TGSTGS provides advanced data and intelligence to companies activ...
- Martin Huseby Karlsen
In a mid-cycle plateau
Following recent updates from E&P companies, we have reduced our 2025 offshore spending estimate to 0.5% (from c3% earlier this year). This is driven by a combination of actual 2024 spending being higher than expected (8% versus 4% previously), creating tougher comparables and a reduction in spending plans from Pemex in 2025. Despite growth flattening out, we still see the cycle building in duration, with execution of deepwater developments remaining on the agenda, albeit with a delayed executio...
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.
- Ahmed Ben Salem
- Emira Sagaama
- Margaux van Oerle
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
GTT GAZTRANSPORT & TECHNIGAZ SA
MMK MAYR-MELNHOF KARTON AG
ENI ENI S.P.A.
SAF SAFRAN S.A.
BOL BOLLORE SA
REP REPSOL SA
SOC SUBSEA 7 S.A.
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
BP. BP P.L.C.
PHNX PHOENIX GROUP HOLDINGS PLC
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
VIRI VIRIDIEN
- Ahmed Ben Salem
- Emira Sagaama
- Margaux van Oerle
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
GTT GAZTRANSPORT & TECHNIGAZ SA
MMK MAYR-MELNHOF KARTON AG
ENI ENI S.P.A.
SAF SAFRAN S.A.
BOL BOLLORE SA
REP REPSOL SA
SOC SUBSEA 7 S.A.
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
BP. BP P.L.C.
PHNX PHOENIX GROUP HOLDINGS PLC
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
VIRI VIRIDIEN
- Emira Sagaama
- Margaux van Oerle
- Usama Tariq
GTT GAZTRANSPORT & TECHNIGAZ SA
ITP INTERPARFUMS
NANO NANOBIOTIX SA
SOC SUBSEA 7 S.A.
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
BSGR B&S GROUP S.A.
INS INSTONE REAL ESTATE GROUP AG
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
IVG IVECO GROUP
CABKA CABKA N.V.
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
VIRI VIRIDIEN
SPG SPRINGER NATURE AG & CO. KGAA
- Emira Sagaama
- Margaux van Oerle
- Usama Tariq
GTT GAZTRANSPORT & TECHNIGAZ SA
ITP INTERPARFUMS
NANO NANOBIOTIX SA
SOC SUBSEA 7 S.A.
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
BSGR B&S GROUP S.A.
INS INSTONE REAL ESTATE GROUP AG
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
IVG IVECO GROUP
CABKA CABKA N.V.
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
VIRI VIRIDIEN
SPG SPRINGER NATURE AG & CO. KGAA
- Baptiste Lebacq
- Jean-François Granjon
- Baptiste Lebacq
- Jean-François Granjon
- Steffen Evjen
TGS (Buy, TP: NOK140.00) - The tide looks to be turning
Following a ~20% share price drop since mid-January, primarily driven by lower oil prices, we see firm signs of an improving seismic market. Q1 streamer vessel demand is shaping up to be ~25% higher YOY, and TGS is set to deploy three vessels on the NCS in Q2–Q3, which would be its busiest level since 2014. This, along with low-hanging merger-related fruit, looks set to drive a significant YOY increase in 2025e FCF, implying a ~15% yield. We reiterate our BUY and NOK140 target price.
- ABGSC Energy Research
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Njål Kleiven
- Stian Wibstad
TGS: Delivery of Shares from Vested 2023 Restricted Share Units
TGS: Delivery of Shares from Vested 2023 Restricted Share Units Oslo, Norway (13 March 2025) – with reference to the stock exchange release published on 4 March 2025 “Vesting of 2023 Restricted Share Unit Award.” Of the 15,000 Restricted Share Units granted to Carel Hooijkaas, he received 12,536 shares in TGS today. The fair market value of the remaining shares is used to cover withholding obligations and other necessary deductions that arise in connection with the vest. The shares transferred to Carel Hooijkaas are taken from TGS treasury shares. After the transaction, Carel Hooijkaas ...
TGS: MANDATORY NOTIFICATION OF TRADES
TGS: MANDATORY NOTIFICATION OF TRADES Oslo, Norway (13 March 2025) – In February 2019, TGS implemented an Employee Share Purchase Plan (ESPP) pursuant to which eligible employees can purchase TGS common shares at a discount through payroll deductions. The ESPP operates in six-month periods, and at the end of each period, employees in eligible jurisdictions (United States, United Kingdom and Canada) have the option to purchase stock at a 15% discount to the market price at the time of purchase. The plan sets a maximum purchase of shares per employee per six-month period and ESPP dividends ar...
TGS: VESTING OF 2023 RESTRICTED SHARE UNIT AWARD
TGS: VESTING OF 2023 RESTRICTED SHARE UNIT AWARD Oslo, Norway (4 March 2025) – On 1 March 2025, 15,000 Restricted Share Units (RSUs) granted to Carel Hooijkaas on 1 March 2023, in accordance with the terms of his employment agreement, as approved by the Board of Directors of TGS ASA, and TGS Remuneration Policy, approved by the shareholders of TGS ASA, vested. Each vested RSU represents the right to receive one share of the Company’s common stock, with the shares to be issued from the Company’s treasury stock. The vested RSUs may be partially settled in cash using the fair market value of ...
TGS: Mandatory Notification of Trade
TGS: Mandatory Notification of Trade OSLO, NORWAY (4 March 2025) - Christopher Finlayson, Chairman of the Board of TGS, has today purchased 5,000 shares in TGS ASA at a price of NOK 102.1937 per share. Following the transaction he owns 38,000 shares in TGS. Attachment
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