Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on PETROLEUM GEO-SERVICES. We currently have 11 research reports from 1 professional analysts.
|28Dec16 07:00||GNW||Petroleum Geo-Services ASA: Mandatory Notification of Trade|
|23Dec16 10:04||GNW||Petroleum Geo-Services ASA: ANNOUNCES SUCCESSFUL COMPLETION OF EXCHANGE OFFER AND CONSENT SOLICITATION WITH RESPECT TO ITS 7.375% SENIOR NOTES DUE 2018|
|23Dec16 07:58||GNW||Petroleum Geo-Services ASA: Mandatory Notification of Trade|
|23Dec16 07:00||GNW||Petroleum Geo-Services ASA: Mandatory Notification of Trade|
|16Dec16 06:00||GNW||Petroleum Geo-Services ASA: APPROVAL AND PUBLICATION OF PROSPECTUS|
|15Dec16 03:52||GNW||Petroleum Geo-Services ASA: PRIVATE PLACEMENT - NEW SHARE CAPITAL REGISTERED; COMMENCEMENT OF TRADING IN NEW SHARES|
|14Dec16 03:00||GNW||Petroleum Geo-Services ASA : EXTRAORDINARY GENERAL MEETING COMPLETED|
Frequency of research reports
Research reports on
Restructuring the balance sheet on favourable terms
23 Nov 16
PGS is restructuring its balance sheet through an offer to exchange notes due in 2018 and a NOK1.9bn (c. $225m) equity private placement: - The notes due in 2018 ($450m) can be repaid at 95% of the face value for 50% of the amount, the other 50% is exchanged with notes due in December 2020 with a 7.375% coupon (the same as current notes). The 2018 notes had a 15% discount. - The capital increase was fully subscribed at NOK22.5 per share (a 2% discount to yesterday’s closing price). The proceeds will mainly be used for the cash consideration of the note exchange. PGS said it will carry out a further equity issue for gross proceeds of c. NOK300m ($35m).
Q3 driven by MultiClient but difficult winter in Contract
27 Oct 16
Q3 results after the “positive warning” of 12 October: - revenues at $224m (stable yoy), thanks to MultiClient; - EBITDA at $113m (-2% yoy). The net loss was $29m (-$110m in Q3 15, which included $65m impairments). The order book stood at $190m (down from $230m in Q2 16 and $245m in Q3 15). Outlook 2016: - PGS cash costs at c. $675m (vs. $700m previously); - capex at $215m (o/w $165m for new builds, Ramform Thetys and Hyperion), vs. $225m previously; - 40% of active 3D fleet time planned for MultiClient (vs. 40-45%); - MultiClient investments at c. $200m (vs. $225m), pre-funding above 100%.
Renegotiated covenant gives some breath
21 Jul 16
Q2 revenues came in at $183m (-28% yoy), slightly above consensus. The loss at the EBIT level was $36m (vs. a $16m profit in Q2 15), beating consensus estimates which were expecting a c. $50m loss. The net loss was -$52m (-$64 in Q2 15). The order book stood at $230m (vs. $204m in Q1 16 and $259m in Q2 15). Outlook 2016: - PGS’s cash costs at or below $700m (vs. $715m previously); - Capex at $225m, confirming Q1 guidance (o/w $165m for new builds, Ramform Thetys and Hyperion); $140m has already been incurred in H1; - 40-45% of active 3D fleet time planned for MultiClient (vs. “slightly less than 50%”); - MultiClient investments at c. $225m (vs. $230m), 100% pre-funding.
Towards more costs and capex cutting
03 May 16
Q1 revenues were -19% yoy, to $203m, slightly above consensus. However, the EBIT loss was $30m (vs. a $14m profit in Q1 15), worse than consensus estimates. The net loss stood at -$57m (-$20m in Q1 15). The order book stood at $204m (down from $240m in Q4 15 and $394m in Q1 15). PGS is in the process of increasing headroom under the covenant on its revolving credit facility. Outlook 2016: - PGS cash costs at $715m (vs. $725m previously); - Capex at $225m (vs. $250m; o/w $165m for new builds, Ramform Thetys and Hyperion, vs. $180m); - Slightly less than 50% of active 3D fleet time planned for MultiClient; - MultiClient investments at c. $230m (vs. $250m), 100% pre-funding.
Industry streamer capacity down 50% from 2013 peak
15 Feb 16
Q4 revenue came in at $229m (-47% yoy), in line with consensus expectations. Q4 EBITDA was $117m (-45% yoy), in line with the guidance released on 20 January. EBIT ex. impairments was -$23m (vs. nil in Q4 14), slightly below consensus. As announced in January, there were impairments and losses on disposals of $275m. As a result, PGS reported a net loss of $335m (-$94m in Q4 14). The order book stood at $240m (vs. c.$400m in Q4 14). Outlook 2016: - PGS cash costs at $725m; - Capex at $250m (o/w $180m for new builds, Ramform Thetys and Hyperion); - 50% of active 3D fleet time planned for MultiClient; - MultiClient investments at c. $250m, 100% pre-funding; - Weak demand should continue in 2016.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
Minor delay but lower cost and better visibility enhance the investment profile
13 Jan 17
First oil at Stella is delayed by about a month, reducing the contribution of Stella to FY17 production by the same period. While this has an impact on FY17e free cash flow, this is negligible to our valuation. More importantly, FY17 opex are estimated at only US$18/boe, below our estimates of US$20/boe. There are opportunities to reduce opex further. Harrier is expected to reach first oil in 2018, one year earlier than we expected and at a cost of US$40 mm lower than we anticipated. The overall development cost is less than US$6.0/boe. Ithaca holds numerous discoveries around Stella that would be developed with a similar cost structure to Harrier.
16 Jan 17
We take a look at the rankings of the various countries in Africa that have a significant exposure to mining. We take the Transparency International corruption rankings as our starting point and modify these for exceptional geology and for current UK government travel warnings. Ghana, Botswana and Namibia come out as our top three, with Eritrea, Kenya and Zimbabwe at the bottom of our rankings.