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.
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
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.
Small Cap Breakfast
16 Feb 17
Saffron Energy—Schedule One update. Raising £2.5m, expected Mkt Cap £7.7m. Admission due 24 Feb. Italian Oil & Gas Play Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb. Arix Bioscience — Intention to float on the main market from the global healthcare and life science Company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management
Playing the long term, with short-term risks
16 Feb 17
After the publication of the annual results, we update our view and highlight the key points. Q4 16 key highlights As a reminder, the company reported results 30% below expectations at $400m for Q4 16. By division: 1) In upstream, underlying replacement costs profit came to $400m, vs. a loss a year earlier of $728m and a loss of $224m in Q3 16, reflecting the ongoing lower costs which have benefited from simplifications, efficiencies and lower exploration write-offs. In the US, the loss is still $147m. Production came in at 2.19mbpd, down 5.5% yoy due to disposals and up 1.8% on an underlying basis thanks to ramp-ups. One of the key events during the quarter was the renewal of BP’s onshore concession in the UAE with a 10% interest in the ADCO onshore oil concession. In terms of outlook, production should be higher in 2017 and will depend on the timing of project start-ups, acquisitions, divestments, and OPEC quota. Also the Abu Dhabi concession will be visible as from Q1 17. 2) In downstream, replacement costs profit came to $877m, down from $1.2bn a year ago and $1.4bn in Q3 16. The US division showed a loss of $371m vs a gain of $1.25bn. Non-US Fuel business earnings halved to $417m due to the weaker refining environment as well as the impact from the particularly large turnaround at the Whiting refinery. In lubricants, profit rose to $357m, reflecting the continued strong performance in its growth markets and premium brands as well as simplifications and greater efficiencies. The margin should remain unchanged for Q1 17. 3) Rosneft. Underlying replacement costs profit came to $135m, down from $235m a year ago, affected by the increased government take. Production was at 1.15mbpd, up from 1.03mbpd a year ago. This reflects the completion of the acquisition of Bashneft and Rosneft’s increased stake in the PetroMonagas venture. BP received a dividend of $322m after deduction of the withholding tax, in July 2016. On the Macondo oil spill, the charge taken for the Q4 16 pre-tax was $530m. This reflects BP’s latest estimates for claims including business economic loss. The pre-tax cash outflow on costs related to the oil spill for the full year 2016 was $7.1bn. Cash flow Excluding the Gulf of Mexico payment, the operating cash flow was $4.5bn. Underlying operating cash flow excluding the oil spill-related payment was $17.8bn for the full year. Proceeds during the year and the scrip dividend were not enough to cover capex and the cash dividend. Gearing at the end of the year increased to 27% ($35.5bn debt), in the high range of the group’s target of 20-30%. Organic capital was $16bn, below original guidance of $17bn to $19bn. Capex in 2017 should be close to $16-17bn. Divestment proceeds should be higher in 2017, close to $5bn and then reducing by $2-3bn per year after 2018. The total costs of the Deepwater payment should fall to $2bn in 2018 and then $1bn per year as from 2019. In 2017, this should be close to $5bn. All in all, including the latest acquisitions, cash flow break-even should be close to $60/bbl in 2017.
Share & share alike
14 Feb 17
The rally in the last fortnight, highlighted in the table, reflects a continued flow of positive updates and economic news. The FTSE 250, Small cap and Fledgling indices have reached record highs. We are in the lull ahead of results for those companies with a December year end, a welter of economic data regarding the UK economy, the State of the Union address in the US on 28 February and the UK Budget on Wednesday 8 March. We will learn at that stage the latest forecasts from the Office of Budget Responsibility. As highlighted previously, the reaction to corporate updates will continue to set the tone.
GMP FirstEnergy ― UK Energy morning research package
17 Feb 17
Enquest (ENQ LN): Speculative Buy, £0.65: Kraken FPSO in the field and hooked up in the North Sea | Ithaca Energy (IAE LN/CN)6: BUY, £1.40: Stella First Hydrocarbons in the North Sea | Bowleven (BLVN LN) (not covered): Denies claims made by Crown Ocean Capital