reports
- ABGSC Energy Research
- Daniel Vårdal Haugland
- John Olaisen
- Njål Kleiven
- Oliver Dunvold
- Stian Wibstad
- Steffen Evjen
- ABGSC Energy Research
- Daniel Vårdal Haugland
- John Olaisen
- Njål Kleiven
- Oliver Dunvold
- Stian Wibstad
- ABGSC Renewable Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
Subsea7 awarded contract offshore Norway
Subsea7 awarded contract offshore Norway Luxembourg – 31 March 2025 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award of a sizeable1 contract by Equinor as technical service provider (TSP) for the Northern Lights Phase 2 project, offshore Norway. Subsea7’s scope includes engineering, procurement, construction and installation of a five kilometre CO2 pipeline, as well as installation of integrated satellite structures, umbilicals, tie-in and pre-commissioning activities. Project management and engineering will commence immediately at Subsea7’s office in Stavanger, No...
- ABGSC Energy Research
- Haakon Amundsen
- John Olaisen
- Oliver Dunvold
- Stian Wibstad
- Steffen Evjen
Aker BP (Buy, TP: NOK280.00) - Hitting the ground running
Supported by strong Q1e production of 450kboed, our EBITDA forecast is 12% above consensus (the Q1 trading update is due at 07:00 CET on 7 April). Consequently, following a stronger-than-expected start to the year, we have raised our full-year production estimate. We forecast 2025 production of 424kboed, exceeding the guidance (390–420kboed) and consensus (412kboed). The key production drivers are broadly flat YOY for Johan Sverdrup production, Edvard Grieg stabilising, and positive YOY for Tyrv...
- Steffen Evjen
Weekly news, topics & discussion
This week, we published a note on the harsh reality of USD70/bbl for our coverage. While investors appear to be positioning for lower oil prices, we believe consensus FCF estimates for NCS large caps remain overly aggressive. Meanwhile, DNO announced a discovery at the Kjøttkake prospect, north-west of Troll, adding ~NOK0.8/share (~4%) to DNO’s NAV and ~NOK1/share to Aker BP’s (
Equinor ASA: Tilbakekjøp av egne aksjer – første transje for 2025
Equinor ASA: Tilbakekjøp av egne aksjer – første transje for 2025 Nedenfor følger informasjon om transaksjoner foretatt under første transje av Equinor ASAs (OSE:EQNR, NYSE:EQNR, CEUX:EQNRO, TQEX:EQNRO) tilbakekjøpsprogram for 2025. Dato for når transjen ble annonsert: 5. februar 2025. Transjens varighet: 6. februar til senest 2. april 2025. Ytterligere informasjon om transjen kan finnes i børsmelding om dens oppstart datert 5. februar 2025, tilgjengelig her: Den 24. mars 2025, har Equinor ASA kjøpt tilbake totalt 515.300 egne aksjer til en gjennomsnittspris på NOK 269,5603 pr. aksje. ...
Equinor ASA: Share buy-back – first tranche for 2025
Equinor ASA: Share buy-back – first tranche for 2025 Please see below information about transactions made under the first tranche of the 2025 share buy-back programme for Equinor ASA (OSE:EQNR, NYSE:EQNR, CEUX:EQNRO, TQEX:EQNRO). Date on which the tranche was announced: 5 February 2025. The duration of the tranche: 6 February to no later than 2 April 2025. Further information on the tranche can be found in the stock market announcement on its commencement dated 5 February 2025, available here: On 24 March 2025, Equinor ASA has purchased a total of 515,300 own shares at an average price...
- Steffen Evjen
The harsh reality of USD70/bbl
Investors are positioning for lower oil prices, and the perception seems to be that cash flows are set to remain healthy and valuations attractive. We are concerned that overly aggressive consensus FCF facilitates this, as our USD70/bbl calculations imply a normalised FCF yield of only 6–8% for our coverage. With the European majors trading at a 2025–2027e FCF yield of c12%, we struggle to find an attractive risk/reward in large-cap NCS stocks, as the implied returns are negative c10–25% at peer...
- Steffen Evjen
Subsea 7 S.A. announces proposed nominations to the Company’s Board of...
Subsea 7 S.A. announces proposed nominations to the Company’s Board of Directors Luxembourg – 25 March 2025 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced that at the AGM on 8 May 2025, the Board of Directors will ask shareholders to approve the following nominations to the Board of Directors: The election as Independent Director of Ms Lucia de Andrade The re-election as Independent Directors of Mr Eldar Sætre and Ms Elisabeth Proust van Heeswijk The re-election as Directors of Ms Louisa Siem and Treveri S.à r.l., a Luxembourg company, with Mr Kristian Siem, its 100% owner, ...
Subsea 7 S.A. Notice of Annual General Meeting and Extraordinary Gener...
Subsea 7 S.A. Notice of Annual General Meeting and Extraordinary General Meeting Luxembourg – 25 March 2025 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today published and distributed to eligible holders of Common Shares and American Depositary Receipts the Notice of Meeting and supporting materials for the Annual General Meeting of Shareholders (the AGM) and the Extraordinary General Meeting of Shareholders (the EGM). The AGM is scheduled to take place at 15:00 (local time) on 8 May 2025 at the Company's registered office, 412F, route d'Esch, L-1471 Luxembourg and the EGM will take pla...
- ABGSC Energy Research
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Njål Kleiven
- Stian Wibstad
Equinor ASA: Share buy-back – first tranche for 2025
Equinor ASA: Share buy-back – first tranche for 2025 Please see below information about transactions made under the first tranche of the 2025 share buy-back programme for Equinor ASA (OSE:EQNR, NYSE:EQNR, CEUX:EQNRO, TQEX:EQNRO). Date on which the tranche was announced: 5 February 2025. The duration of the tranche: 6 February to no later than 2 April 2025. Further information on the tranche can be found in the stock market announcement on its commencement dated 5 February 2025, available here: From 17 March to 21 March 2025, Equinor ASA has purchased a total of 2,950,000 own shares at ...
Equinor ASA: Tilbakekjøp av egne aksjer – første transje for 2025
Equinor ASA: Tilbakekjøp av egne aksjer – første transje for 2025 Nedenfor følger informasjon om transaksjoner foretatt under første transje av Equinor ASAs (OSE:EQNR, NYSE:EQNR, CEUX:EQNRO, TQEX:EQNRO) tilbakekjøpsprogram for 2025. Dato for når transjen ble annonsert: 5. februar 2025. Transjens varighet: 6. februar til senest 2. april 2025. Ytterligere informasjon om transjen kan finnes i børsmelding om dens oppstart datert 5. februar 2025, tilgjengelig her: Fra 17. mars til 21. mars 2025, har Equinor ASA kjøpt tilbake totalt 2.950.000 egne aksjer til en gjennomsnittspris på NOK 265,4...
- ABGSC Oil & Oil Services Research
- John Olaisen
- Martin Mauseth
- Oliver Dunvold
Subsea 7 S.A. - 1Q25 earnings call notification
Subsea 7 S.A. - 1Q25 earnings call notification Luxembourg –24 March 2025 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) will publish its first quarter 2025 results for the period ended 31 March 2025 on Wednesday 30 April 2025 at 08:00 CET. A conference call and simultaneous webcast for the investment community will be held on Wednesday 30 April 2025 at 12:00 UK / 13:00 CET. From 08:00 CET the results announcement and the presentation to be reviewed during the conference call and webcast will be available on the Subsea7 website: Conference call registration:Phone: -conf.media-server.com/...
- Steffen Evjen
Weekly news, topics and discussion
This week, NCS February production was broadly in line with the NOD’s expectations, with total output flat MOM but down 2.4% YOY. Aker BP showed solid January production, while Equinor, Vår Energi, OKEA and DNO showed declines MOM. Halten East is now on stream, but its slow ramp-up limits Vår Energi’s 2025 uplift to ~5kboed, reinforcing the downside risk to its 330–360kboed guidance. Also, DNO successfully placed a new USD600m bond (8.5% coupon) to refinance DNO04 and for general corporate purpo...
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