TGS is in a unique position vs the majority of other oil service companies. Firstly, the company has a net cash position above USD 300m and secondly TGS has a flexible business model which can be trimmed immediately towards a brutally low activity level and still deliver positive FCF. As such, TGS is a survivor. We cut our estimates considerably and lower our target price to NOK 190. We reiterate Buy supported by an all-time low P/B and strong FCF support.
