Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Total’s investor day presentation yesterday was on the soft side for offshore oil services, in our view, with increased focus (and capital) on ESG/low-carbon themes and flattish offshore E&P spending guided for 2021–2023 versus 2019–2020. As we believe consensus is for growth in offshore E&P spending, we find Total’s presentation on the downside versus consensus, but more aligned with our view of flattish spending ahead. Furthermore, as it said yesterday the company highlights continued ...
Total is hosting its annual Investor Day today, and in connection with this the company has announced it will accelerate dividend growth to 5–6% per year (previously 3%) and remain disciplined on investments and costs. The updated outlook extends to 2025 and the theme is in line with comments from the other majors, with increased shareholder returns and capital discipline set to continue. The presentation is scheduled for 10:30 EST today and we expect more information regarding E&P spending in...
While we have trimmed our target price to NOK689 (713) to reflect the recent share price declines, we continue to find the value proposition in Aker attractive and maintain our BUY. Our base-case NAV is currently at NOK640/share, implying a 34% discount. Only including the value of its listed industrial holdings, the current share price currently implies a ~15% discount to these assets, which we find attractive.
The August US GoM licensing round pre-sale statistics were just released and showed a 4% decline in the number of bids from last year, and 35% from the March round. The number of companies was unchanged, but due to fewer bids, competition was low. We believe expectations for this round were higher and consider this another reminder that the seismic market remains volatile with continued earnings risk.
News sources suggest that Petrobras has proposed a series of Ocean Bottom Node surveys over 10 fields between 2020 and 2023. We believe that these will serve as base-line 4D surveys representing future demand, with the first monitor surveys in 2023−2025. We have long argued that the 4D market will favour OBN on new programmes due to the superior data quality, which potentially represents a major shift in the 4D market. With Petrobras coming to the market we believe that this further strengthen...
Spectrum ASA: Share capital increase Oslo, 12 August 2019 Reference is made to the announcement of 8 August 2019 regarding the exercise of all outstanding options in Spectrum ASA ("Spectrum") and the board resolution in Spectrum to increase the share capital to fulfil the company's obligations under the option agreements. The new share capital has been registered today with the Norwegian Register of Business Enterprises. Spectrum's share capital after the registration of the new shares is NOK 57,414,455, divided into 57,414,455 shares, each with a par value of NOK 1. For additio...
Spectrum ASA: Exercise of options and issue of shares Oslo, 8 August 2019 With reference to the announcement of 7 August 2019 confirming that the contemplated merger between Spectrum ASA ("Spectrum") and TGS-NOPEC Geophysical Company ASA ("TGS"), all outstanding options in Spectrum have vested and been exercised upon the merger becoming unconditional. The board of directors of Spectrum has resolved, in accordance with the authorization granted by the general meeting on 24 May 2019, to issue 2,629,352 new shares to fulfil the company's obligations under the option agreements and thereb...
Merger between TGS and Spectrum declared unconditional - key dates for completion Oslo 7 August 2019: Reference is made to previous stock exchange announcements regarding the merger between TGS-NOPEC Geophysical Company ASA ("TGS", OSE: TGS) and Spectrum ASA ("Spectrum", OSE: SPU). All conditions for the merger have now been fulfilled, and the parties have declared the transaction unconditional. Key dates and information for the completion of the merger are as follows: Last day of trading in Spectrum shares on Oslo Børs:14 August 2019Effective Date (of completed merger):14 August 2...
Spectrum ASA: Q2 Financial update Oslo, Norway, 8th July 2019. Based on preliminary figures for Q2 2019, management expects Net Revenue of approximately USD 52 million for the quarter (USD 23 million in Q2 2018). The expected Net Revenue is split between Late Sales of approximately USD 25 million (USD 14 million in Q2 2018) and Early Sales of approximately USD 27 million (USD 9 million in Q2 2018). The Revenue indicated is based on the Percentage Of Completion (POC) principle used by Spectrum for management reporting and external segment reporting. Spectrum expects secured Net Interest ...
Ahead of the ‘E&P Spending survey season’ over the next few months, we have taken an early look at spending trends from the major offshore names. Several of the key deepwater clients have provided longer-term updates, with focus on a continued disciplined approach to spending, while at the same time increasing shareholder returns. While there is some opportunistic spending, which we welcome, the oil companies do not want to overspend cash flow and we calculate that an oil price of USD65/bbl ...
Repeat: Spectrum ASA: EGM minutes June 21st 2019 On June 21st 2019 at 5 pm, the Extraordinary General Meeting was held in Spectrum ASA at the company's premises in Oslo. All resolutions proposed were approved by the shareholders. For further information please see the minutes from the Extraordinary General Meeting attached to this announcement (Norwegian and English). For additional information about this press release, please contact: Dean Zuzic; CFOEmail: Cell: Company summary "Spectrum provides innovative Multi-Client seismic surveys and seismic imaging services to the g...
Yesterday Shell hosted its annual Management Day during which it provided updated guidance, including capex outlook until 2025. For offshore, and deepwater in particular, Shell maintains a disciplined approach, with average deepwater spending for 2021–2025 (until the middle of next decade) down 20–25% versus 2018. Shell continues to focus on increased shareholder returns, as well as maintaining a healthy gearing and this, combined with higher capex for other segments leaves deepwater as a re...
Spectrum announces new 3D survey in the UK's Southern North Sea Spectrum has commenced the first phase of a new high-density regional Multi-Client 3D survey, over a 2019 prioritised area of the UK's Southern North Sea. The survey, which is fully supported and funded by clients, is targeting an area of recently-increased industry focus. It aims to provide improved imaging of the under-explored Zechstein, Carboniferous and Devonian plays in the Southern North Sea. Industry’s response to the OGA’s Maximising Economic Recovery (MER) initiative has supported Spectrum’s survey concept for the a...
Spectrum ASA: Dividend approval and Ex-date The Annual General Meeting in Spectrum ASA, held May 24th 2018 at 10 am, approved the board proposal of distributing a dividend of NOK 1,50 per. share for 2018. The shares in Spectrum ASA will be traded without the right to receive dividend as from May 27th 2019 (ex-date). The dividend will be distributed to the shareholders June 14th 2019. For further information; please contact: Dean Zuzic CFO Spectrum ASA Mobile: This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Tradin...
Spectrum ASA: AGM minutes May 24th 2019 On May 24th 2019 at 10am, the Annual General meeting was held in Spectrum ASA at the company's premises in Oslo. All resolutions proposed were approved by the shareholders. For further information please see the minutes from the Annual General Meeting attached to this announcement (Norwegian and English). For additional information about this press release, please contact: Dean Zuzic; CFOEmail: Cell: Company summary "Spectrum provides innovative Multi-Client seismic surveys and seismic imaging services to the global oil and gas industry from of...
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