Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on PETROLEUM GEO-SERVICES. We currently have 12 research reports from 1 professional analysts.
|22Nov16 15:43||GNW||Petroleum Geo-Services ASA: Intends to carry out a private placement of new ordinary shares for gross proceeds of approximately USD 225 million|
|27Oct16 06:59||GNW||Petroleum Geo-Services ASA: Third Quarter 2016 Results|
|21Jul16 06:59||GNW||Petroleum Geo-Services ASA : Second Quarter and First Half 2016 Results|
|03May16 06:02||GNW||Petroleum Geo-Services ASA : First Quarter 2016 Results|
|15Feb16 06:59||GNW||Petroleum Geo-Services ASA : Fourth Quarter and Preliminary Full Year 2015 Results|
|23Oct15 06:58||GNW||Petroleum Geo-Services ASA : Third Quarter 2015 Results|
Frequency of research reports
Research reports on
Increase in 3D seismic volumes in 2017
16 Feb 17
Q4 revenues were $154m (vs. $229m in Q4 15), missing consensus expectations (at $184m). The EBIT loss (ex. impairments) came in at $66m (vs. -$23m in Q4 15), also below consensus (at -$40m). The net loss was $156m (vs. -$335m in Q4 15). Outlook 2017: - Cash costs at c. $700m; - Capex at $150m (o/w $85m for new build Ramform Hyperion); - 55% of the active 3D fleet time allocated to MultiClient; - MultiClient investments at c. $275m, pre-funding at 100%.
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.
Strong trading leads to upgrades
22 Mar 17
On the back of today’s positive trading update and slightly upgraded profit forecasts for FY2017, FY2018 and FY2019 we have reviewed our DCF analysis. This has led to an increased DCF valuation per share of 1500p (from 1200p) which we have made our new target price (from 1200p). Both TFP and JC Paper have contributed to the upgrades shown in the table below as have favourable currency movements. With the potential for further upgrades due to capitalising 3DP costs to come we maintain our Add recommendation.
Small Cap Breakfast
21 Mar 17
First Sentinel—Investment company expecting NEX admission/introduction on 24 March. £636k raised pre-IPO. BioPharma Credit—Expected Gross Initial Acquisition Proceeds now c.$338m. Gross Cash Proceeds capped at $423m with placing and open offer. Results expected 23 March with admission now due 30 march. Tufton Oceanic Assets- The Company intends to invest in a diversified portfolio of second hand commercial sea-going vessels where the Investment Manager believes that an attractive opportunity exists in shipping. $150m raise. Admission 3 April.
South Disouq spuds
20 Mar 17
SDX Energy announced this morning that it has spudded the South Disouq (SD-1X) well in Egypt, targeting gas and oil across a number of intervals. This is a high impact event for SDX Energy, as current company 2P reserves of 4.7mmboe (post acquisition) would be dwarfed by success at South Disouq (we model a 65mmboe field of which SDX holds 55% WI), which could be developed quickly due to existing pipeline infrastructure passing through the block. Our valuation for South Disouq is 6.8p/share, although on success we would expect notable de-risking. Our core NAV is 42p with a full NAV (including South Disouq) of 57p/share. The well is due to take 30-45 days, so we would expect a result in mid late April.