reports
Subsea 7 S.A. notification of major holding
Subsea 7 S.A. notification of major holding Luxembourg – 3 May 2024 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced that, on 3 May 2024, Barclays Capital Securities Limited1 informed the Company that it had breached thresholds provided for by Luxembourg’s Transparency Law of 11 January 2008 on transparency requirements for issuers of securities as amended (the “Transparency Law”) as follows: On 30 April 2024 the total number of voting rights in the Company according to Article 8 and 9 of the Transparency Law attached to shares was 1,044,272 On 30 April 2024 the total numb...
BW Offshore: Closing of the sale of the FPSO Polvo to BW Energy
BW Offshore: Closing of the sale of the FPSO Polvo to BW Energy Closing of the sale of the FPSO Polvo to BW Energy Reference is made to the announcement on 22 April 2022, whereby BW Offshore Limited (“BW Offshore”) announced the agreement to divest the FPSO Polvo to BW Energy Limited for USD 50 million. BW Energy has paid USD 30 million upon the vessel transfer date, with the remaining USD 20 million provided as a seller’s credit by BW Offshore. BW Offshore has received the remaining USD 20 million plus interest. The final instalment concludes the transaction. The FPSO Polvo, which was o...
- 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...
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...
BW Offshore: 2024 Annual General Meeting – Notice
BW Offshore: 2024 Annual General Meeting – Notice 2024 Annual General Meeting – Notice Notice is hereby given that the 2024 Annual General Meeting of BW Offshore Limited will be held at 18 Rebecca Road, Southampton, SN04, Bermuda, on 23 May 2024 at 2:30 p.m. (Bermuda time). Please see the attached documents in relation to the Annual General Meeting: Notice of the 2024 AGMForm of ProxyChairman’s LetterRecommendation from the Nomination Committee For further information, please contact:Ståle Andreassen, CFO, or About BW Offshore:BW Offshore engineers innovative floating produc...
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
- ABGSC Oil & Oil Services Research
- Haakon Amundsen
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
- Baptiste Lebacq
TechnipFMC : Look forward, not backwards (from a share price perspecti...
>Outperform rating, TP raised to $ 31 - Post-release and post-conference call, we are raising our TP to $ 31 (vs $ 25.3 previously), based on a 12m PE multiple of 20x now vs 18x. Although the stock has turned in a solid performance of + 30% YtD (doubling on a 12m-trailing basis!), we still believe it offers upside potential. The adjustments we have made to our 2024/2026 forecasts are solely the result of a heavier tax burden than initially expected. Like most oi...
- 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
TechnipFMC : Ne pas regarder derrière (boursièrement) mais devant
>Opinion Surperformance OC relevé à 31 $ - A l’issue de la publication et de la conférence call, nous relevons notre OC à 31 $ (vs 25.3 $ auparavant), ce dernier reste basé sur un multiple de PE 12m désormais de 20x vs 18x. Malgré une performance solide de + 30% YtD (et doublement sur un an glissant !), nous pensons que le titre continue de revêtir du potentiel. L’ajustement de nos attentes 2024/26 provient exclusivement d’une fiscalité plus lourde qu’initialeme...
- 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 ...
- 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...
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