THe results came in line with the trading update. The order book is up 12% qoq at $336m, supporting PGS’s decision to operate eight vessels during the winter season. Management wants to refinance in Q4/early 2020 (after being cancelled in May), without raising equity. Despite a worsening credit environment (in high yield especially), we believe this release, as well as the positive outlook for the next two quarters, will support PGS in its refinancing.
17 Oct 2019
Q3: refinancing remains the focal point while the business delivers
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Q3: refinancing remains the focal point while the business delivers
THe results came in line with the trading update. The order book is up 12% qoq at $336m, supporting PGS’s decision to operate eight vessels during the winter season. Management wants to refinance in Q4/early 2020 (after being cancelled in May), without raising equity. Despite a worsening credit environment (in high yield especially), we believe this release, as well as the positive outlook for the next two quarters, will support PGS in its refinancing.