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.
|07Dec16 06:59||GNW||Petroleum Geo-Services ASA: ANNOUNCES EARLY RESULTS OF EXCHANGE OFFER AND CONSENT SOLICITATION WITH RESPECT TO ITS 7.375% SENIOR NOTES DUE 2018|
|05Dec16 07:00||GNW||Petroleum Geo-Services ASA: Settlement of 2013 RSU Program|
|23Nov16 10:24||GNW||Petroleum Geo-Services ASA: Capital Markets Day Postponed|
|23Nov16 10:19||GNW||Petroleum Geo-Services ASA: Calling Notice for Extraordinary General Meeting|
|23Nov16 07:58||GNW||Petroleum Geo-Services ASA: Mandatory Notification of Trade|
|23Nov16 07:52||GNW||Petroleum Geo-Services ASA: PRIMARY INSIDER DISCLOSURE|
|23Nov16 07:21||GNW||Petroleum Geo-Services ASA: SUBSEQUENT OFFERING|
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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.
08 Dec 16
Elderstreet stake acquired 02 GENERAL NEWS Globalworth premium In this issue Venture capital firm Draper Esprit has taken a 30.8% stake in venture capital trust manager Elderstreet. Both investment managers focus on the technology sector and they will be able to co-invest. Elderstreet has investments in a number of AIM-quoted companies through its VCTs. The purchase was funded by an issue of Draper Esprit shares worth just over £250,000. Simon Cook, the chief executive of Draper Esprit, is a former partner at Elderstreet so he knows the business and the people who run it, although he did leave more than 14 years ago. Cook has previously acquired portfolios from 3i and Cazenove, two other firms where he has worked. Draper Esprit has an option to acquire the remaining shares in Elderstreet, which has more than £25m under management. Adding Elderstreet to the group enables Draper Esprit to offer investors a range of EIS funds, VCTs and an ISA qualifying listed evergreen patient capital fund. The enlarged group has venture capital assets under management of more than £350m. At the end of September 2016, Draper Esprit had a net asset value of 352p a share, which is similar to the current share price. The June 2016 flotation price was 300p a share. Draper Esprit is quoted on Ireland’s Enterprise Securities Market as well as AIM.
01 Nov 16
Since our last outlook note, Quadrise has begun to supply MSAR for extended LONO sea trials, paving the way for commercial adoption from calendar H217 onwards. In August it signed a memorandum of understanding with clients in the Kingdom of Saudi Arabia (KSA), which is a key enabler for progressing the production-to-combustion pilot there. In October it completed a placing and open offer raising a total of £5.25m (gross). This should enable it to transition comfortably to the commercial phase on successful completion of the LONO and KSA trials.
Raising Target Price to 2,500p per share
01 Nov 16
Royal Dutch reported clean EPS of US$0.35, nearly 50% ahead of consensus. More importantly, cash flow jumped QoQ to US$8.5bn which should go a long way to confirming Shell’s capacity to maintain the current dividend, despite the increase in gearing to 29.2%. Upstream returned to profitability on an underlying basis for the first time since 1Q15. We believe these results confirm our view that Shell’s dividend can and will be maintained at US$0.47 per quarter and we increase our Target Price to 2,500p per share, given further sterling weakness.
Conviction List Q4 2016
05 Oct 16
Since its inception in 2010, the Conviction List has outperformed the market in 13 of 18 periods and a reinvested Conviction List would have returned 255% against a Small Companies index that would have returned 130%. Our Conviction List returned 3.7% over the last quarter; this was set against the benchmark UK Small Companies index that returned 11.3% over the same period. Our Q4 portfolio reflects our outlook for a temporary sweet spot for UK growth during the second half of 2016. The downside risk from the uncertainty of the EU Referendum result has been countered by stimulus from the Bank of England, signs of a looser fiscal stance and an 18% YoY reduction in the Sterling Exchange Rate. Compressed corporate fixed income spreads continue to provide a valuation underpin for global equities.
GTL transaction not going ahead
01 Dec 16
Intelligent Energy (IEH) has announced that the deal to acquire the Energy Management Business of GTL will not now be consummated. The move leaves management free to concentrate on driving sales of commercially ready B2B products, which is a key element of its strategy. We adjust our FY17e revenue estimate while leaving our pre-exceptional losses and cash-flow forecasts unchanged.