reports
- 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
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
TGS Awarded Major 3D Streamer Contract by ONGC offshore India
TGS Awarded Major 3D Streamer Contract by ONGC offshore India OSLO, Norway (20 November 2024) – TGS, a leading provider of energy data and intelligence, is pleased to announce award of a significant 3D streamer contract for ONGC in the Mahanadi basin on the East Coast of India. The Ramform Sovereign is scheduled to mobilize for the survey in January 2025 and the contract has a duration of approximately six months. India is a hotspot for streamer seismic and ocean bottom node work and the contract award strengthens TGS’ position in the area, underscoring the company’s ongoing commitment to...
Moody's Ratings assigns Ba3 rating to TGS ASA's proposed $550 million ...
Moody's Ratings (Moody's) has today assigned a Ba3 rating to the proposed issuance of the USD550 million senior secured notes (Bond) by TGS ASA with a 5 years maturity and expected to be issued by the end of November 2024. The Ba3 long term corporate family rating (CFR) and the Ba3-PD probability of...
TGS ASA announces launch of Senior Secured Notes offering
TGS ASA announces launch of Senior Secured Notes offering Oslo, Norway (18th November 2024) – Following a series of fixed income investor meetings as previously communicated, TGS ASA (“TGS” or the “Company”), a global leader in energy data and intelligence, announces the launch of an offering (the “Offering”) of Senior Secured Notes with an expected aggregate principal amount of $550 million and maturity in 2030 (the “Notes”). In connection with the Offering, the Company also expects to enter into a senior secured credit facilities agreement, the proceeds from which, together with proceeds...
TGS ASA to hold fixed income investor meetings
TGS ASA to hold fixed income investor meetings Oslo, Norway (11th November 2024) – TGS ASA, a global leader in energy data and intelligence, is set to meet fixed income investors starting on Monday 11th of November. J.P. Morgan, Danske Bank and DNB Markets are hosting a series of fixed income investor meetings on Monday 11th, Tuesday 12th and Wednesday 13th of November. A transaction may follow, subject inter alia to market conditions. The purpose of the contemplated transaction would be to refinance and/or repurchase existing debt of the TGS group as well as for general corporate purpose...
- ABGSC Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Stian Wibstad
TGS Secures First 3D Streamer Contract for 2025 Summer Season
TGS Secures First 3D Streamer Contract for 2025 Summer Season OSLO, Norway (11 November 2024) – TGS, a leading provider of energy data and intelligence, is pleased to announce award of the company’s first 3D streamer contract for the 2025 Northwest Europe summer season. Acquisition is scheduled to commence in May with a total duration of approximately 35 days. Kristian Johansen, CEO of TGS, commented, "We are very pleased to secure our first streamer contract job for the 2025 summer season. Award of this program underscores our strong position in Northwest Europe. We are experiencing high...
- ABGSC Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Stian Wibstad
- ABGSC Oil & Oil Services Research
- John Olaisen
- Steffen Evjen
TGS (Buy, TP: NOK125.00) - Contracts likely around the corner
Management remains confident that a strong pipeline of ongoing tenders should convert into contracts over the coming months, and that vessel dayrates are ‘slightly increasing’. Soft vessel utilisation continues to be our (and investors’) key concern, and we believe contract announcements are required to turn sentiment, as most investors appear to have remained on the sidelines. From its Q3 results, we highlight strong MultiClient revenues, with late sales likely reaching ~USD400m YTD, well above...
- ABGSC Oil & Oil Services Research
- John Olaisen
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