Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on PETROLEUM GEO-SERVICES. We currently have 13 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|
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Research reports on
Profit warning on Q1 17; order book at a two-year high
21 Apr 17
Q1 revenues should be $155m, missing consensus estimates of $178m; EBITDA at $30m, vs. consensus at $65m. However, on a positive note, the Q1 order book should stand at $340m, a two-year high and a significant increase from Q4 16 ($215m). This includes c. $200m in MultiClient.
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.
19 Apr 17
We take a look at the supply and demand dynamics of the world’s largest diamonds. Less than 200 very large (>200 carat) gem quality diamonds have ever been found, yet 23 of these have been found in the past three years. This dramatic increase is being driven by a combination of the rapid increase in the number of billionaires and hence price and demand, combined with technological developments that have improved large diamond recovery and a certain amount of geological good luck.
Small Cap Breakfast
19 Apr 17
Global Ports Holding—Intention to float on Standard List. International cruise ports operator. Seeking $250m raise including $75m primary offer. Dorcaster—Schedule One Update. Admission now expected 3 May. RTO of Escape Hunt raising £14m at 135p Verditek— Intention to float on AIM. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Raising £3.5m. Admission in May. Eddie Stobart Logistics— Schedule 1. Admission expected 25 April but capital raising details TBC. ADES International Holding— Intends to join the Standard List in May raising up to $170m plus a vendor sale. Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa. Admission expected in May. Tufton Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.