Announcement • Jul 02
PGS ASA(OB:PGS) dropped from Oslo OBX Total Return Index PGS ASA has been dropped from Oslo OBX TOtal return Index. Announcement • Jun 14
Glazer Capital, LLC acquired an additional 5.387693% stake in PGS ASA (OB:PGS). Glazer Capital, LLC acquired an additional 5.387693% stake in PGS ASA (OB:PGS) on June 11, 2024. Following the acquisition, Glazer Capital, LLC, together with and through its management of its funds and managed accounts, none of which individually exceeds the reporting threshold, controls a total of 53,652,684 shares and votes, corresponding to 5.62% of the votes and shares outstanding.
Glazer Capital, LLC acquired an additional 5.387693% stake in PGS ASA (OB:PGS) on June 11, 2024. Reported Earnings • May 02
Full year 2023 earnings released: US$0.016 loss per share (vs US$0.055 loss in FY 2022) Full year 2023 results: US$0.016 loss per share (improved from US$0.055 loss in FY 2022). Revenue: US$721.5m (down 13% from FY 2022). Net loss: US$14.5m (loss narrowed 56% from FY 2022). Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 1.7% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Announcement • Apr 10
PGS ASA Provides Earnings Guidance for the First Quarter of 2024 PGS ASA provided earnings guidance for the first quarter of 2024. The company expects to report revenues of approximately $217 million, compared to $143.1 million in first quarter of 2023. Announcement • Apr 03
PGS Commences MultiClient 3D Survey to Unlock Hydrocarbon and Carbon Storage Potential in Penyu Basin, Offshore Peninsular Malaysia PGS together with its joint venture consortium partners, TGS and SLB have successfully commenced a MultiClient 3D seismic project located in the Penyu Basin, offshore Peninsular Malaysia. In partnership with Malaysia Petroleum Management (MPM), PETRONAS, the custodian of petroleum resources in Malaysia, this project aims to provide insights on the exploration opportunities in a broader play fairway and to assess the carbon storage potential across Penyu Basin area. The acquisition of this new seismic data will enable clients to effectively conduct evaluation on the exploration and carbon storage potential for the upcoming Malaysia Bid Round. Buy Or Sell Opportunity • Feb 17
Now 30% overvalued Over the last 90 days, the stock has fallen 25% to kr6.80. The fair value is estimated to be kr5.21, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 79%. Reported Earnings • Feb 16
Full year 2023 earnings released: US$0.02 loss per share (vs US$0.055 loss in FY 2022) Full year 2023 results: US$0.02 loss per share (improved from US$0.055 loss in FY 2022). Revenue: US$721.5m (down 13% from FY 2022). Net loss: US$14.5m (loss narrowed 56% from FY 2022). Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 1.8% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Jan 22
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 26% to kr6.68. The fair value is estimated to be kr8.62, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 68%. Announcement • Jan 10
PGS ASA Provides Financial Guidance for the Fourth Quarter of 2023 PGS ASA provided financial guidance for the fourth quarter of 2023. For the period, the company expects to report Revenues and Other Income according to IFRS for Fourth Quarter 2023 of approximately $265 million, compared to $216.7 million in Fourth Quarter 2022. The Company expects Produced Revenues for Fourth Quarter 2023 of approximately $227 million, compared to $250.7 million in Fourth Quarter 2022. Recent Insider Transactions • Dec 12
Independent Director recently sold kr1.1m worth of stock On the 8th of December, Ebrahim Attarzadeh sold around 140k shares on-market at roughly kr8.08 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of kr1.6m more than they bought in the last 12 months. Reported Earnings • Oct 27
Third quarter 2023 earnings released: US$0.01 loss per share (vs US$0.004 profit in 3Q 2022) Third quarter 2023 results: US$0.01 loss per share (down from US$0.004 profit in 3Q 2022). Revenue: US$157.3m (down 21% from 3Q 2022). Net loss: US$6.80m (down 362% from profit in 3Q 2022). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 59% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Oct 10
Now 20% undervalued Over the last 90 days, the stock is up 52%. The fair value is estimated to be kr11.30, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.2% over the last 3 years. Earnings per share has grown by 57%. Buying Opportunity • Sep 23
Now 20% undervalued Over the last 90 days, the stock is up 84%. The fair value is estimated to be kr11.76, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.2% over the last 3 years. Earnings per share has grown by 57%. Recent Insider Transactions • Sep 02
Insider recently sold kr134k worth of stock On the 31st of August, Nathan Oliver sold around 18k shares on-market at roughly kr7.36 per share. This transaction amounted to 55% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of kr436k more than they bought in the last 12 months. Announcement • Aug 02
PGS, TGS and CGG Introduce New Tiered Offerings for Versal - the World's First MultiClient Data Ecosystem PGS, TGS and CGG announced the launch of new tiered offerings for Versal, the MultiClient data ecosystem. This update gives the entire industry free access to Versal, representing the world's most comprehensive MultiClient data coverage - all in one centralized location. Industry professionals can also benefit from a more personalized solution, with a focus on enhanced accessibility, flexibility and value. The latest updates to the Versal platform are designed to offer even more convenience and scalability for exploration & production, data management and procurement team members through the introduction of Versal Pro and Premium tiers. Versal users now gain unlimited access to the essential data from PGS, TGS and CGG representing the majority of the world's marine MultiClient data available within a single platform. This consolidation eliminates the need to visit multiple vendor websites, streamlining workflows and saving valuable time. The new tiered access model offered by Versal brings unprecedented flexibility to clients. With the free Versal version users can view data coverage, download coverage shape files and import their map layers and shape files. By upgrading to Versal Pro, clients unlock additional benefits, including viewing entitlements, accessing vendor contracts, and downloading acquisition and processing documents. By selecting Versal Premium, clients gain access to enhanced data management capabilities such as seismic visualization and downloading entitled traces. Reported Earnings • Jul 21
Second quarter 2023 earnings released: US$0.01 loss per share (vs US$0.039 profit in 2Q 2022) Second quarter 2023 results: US$0.01 loss per share (down from US$0.039 profit in 2Q 2022). Revenue: US$156.0m (down 43% from 2Q 2022). Net loss: US$9.30m (down 150% from profit in 2Q 2022). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. New Risk • Jul 21
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risk Shareholders have been diluted in the past year (39% increase in shares outstanding). Announcement • Jul 12
PGS ASA Provides Financial Guidance for the Second Quarter of 2023 PGS ASA provided financial guidance for the second quarter of 2023. Based on a preliminary review, the company expects to report revenues and other income according to IFRS for second quarter 2023 of approximately $156 million, compared to $273.6 million in second quarter 2022. The company expects produced revenues for second quarter 2023 of approximately $186 million, compared to $209.7 million in second quarter 2022. Announcement • Jun 30
PGS ASA to Report Q2, 2023 Results on Jul 20, 2023 PGS ASA announced that they will report Q2, 2023 results at 7:00 AM, Central European Standard Time on Jul 20, 2023 Board Change • May 06
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Emeliana Rice-Oxley was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 28
First quarter 2023 earnings released: US$0.06 loss per share (vs US$0.12 loss in 1Q 2022) First quarter 2023 results: US$0.06 loss per share. Revenue: US$143.1m (up 5.1% from 1Q 2022). Net loss: US$58.8m (loss widened 20% from 1Q 2022). Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Energy Services industry in the United Kingdom. Reported Earnings • Apr 28
First quarter 2023 earnings released: US$0.06 loss per share (vs US$0.12 loss in 1Q 2022) First quarter 2023 results: US$0.06 loss per share. Revenue: US$143.1m (up 5.1% from 1Q 2022). Net loss: US$58.8m (loss widened 20% from 1Q 2022). Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Energy Services industry in the United Kingdom. Breakeven Date Change • Apr 27 The 5 analysts covering PGS previously expected the company to break even in 2023. New consensus forecast suggests the company will make a profit of US$87.2m in 2023. Earnings growth of 1.8% is required to achieve expected profit on schedule.
Reported Earnings • Jan 27
Full year 2022 earnings released: US$0.06 loss per share (vs US$0.45 loss in FY 2021) Full year 2022 results: US$0.06 loss per share (improved from US$0.45 loss in FY 2021). Revenue: US$825.1m (up 18% from FY 2021). Net loss: US$32.8m (loss narrowed 82% from FY 2021). Revenue is forecast to grow 3.1% p.a. on average during the next 2 years, compared to a 9.2% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Breakeven Date Change • Jan 24
Forecast to breakeven in 2023 The 4 analysts covering PGS expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$70.8m in 2023. Average annual earnings growth of 93% is required to achieve expected profit on schedule. Breakeven Date Change • Jan 18
Forecast to breakeven in 2023 The 4 analysts covering PGS expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$70.8m in 2023. Average annual earnings growth of 93% is required to achieve expected profit on schedule. Announcement • Nov 12
PGS ASA to Report Fiscal Year 2022 Results on Mar 29, 2023 PGS ASA announced that they will report fiscal year 2022 results on Mar 29, 2023 Reported Earnings • Oct 26
Third quarter 2022 earnings released: EPS: US$0.003 (vs US$0.15 loss in 3Q 2021) Third quarter 2022 results: EPS: US$0.003 (up from US$0.15 loss in 3Q 2021). Revenue: US$198.5m (up 40% from 3Q 2021). Net income: US$2.60m (up US$63.3m from 3Q 2021). Profit margin: 1.3% (up from net loss in 3Q 2021). Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 22
Second quarter 2022 earnings released: EPS: US$0.04 (vs US$0.066 loss in 2Q 2021) Second quarter 2022 results: EPS: US$0.04 (up from US$0.066 loss in 2Q 2021). Revenue: US$273.6m (up 47% from 2Q 2021). Net income: US$18.7m (up US$44.7m from 2Q 2021). Profit margin: 6.8% (up from net loss in 2Q 2021). Over the next year, revenue is forecast to grow 6.8%, compared to a 1.4% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 21% per year, which means it is performing significantly worse than earnings. Board Change • May 31
High number of new directors Director Ebrahim Attarzadeh was the last director to join the board, commencing their role in 2022. Reported Earnings • May 01
First quarter 2022 earnings released: US$0.12 loss per share (vs US$0.10 loss in 1Q 2021) First quarter 2022 results: US$0.12 loss per share (down from US$0.10 loss in 1Q 2021). Revenue: US$136.2m (down 18% from 1Q 2021). Net loss: US$49.2m (loss widened 26% from 1Q 2021). Over the next year, revenue is forecast to stay flat compared to a 7.1% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 42% per year, which means it is performing significantly worse than earnings. Breakeven Date Change • Apr 30
Forecast to breakeven in 2024 The 5 analysts covering PGS expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 74% per year to 2023. The company is expected to make a profit of US$4.65m in 2024. Average annual earnings growth of 109% is required to achieve expected profit on schedule. Board Change • Apr 27
High number of new directors Director Ebrahim Attarzadeh was the last director to join the board, commencing their role in 2022. Board Change • Apr 02
High number of new directors Director Ebrahim Attarzadeh was the last director to join the board, commencing their role in 2022. Reported Earnings • Mar 18
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: US$0.45 loss per share (up from US$0.84 loss in FY 2020). Revenue: US$697.8m (up 48% from FY 2020). Net loss: US$179.4m (loss narrowed 44% from FY 2020). Revenue missed analyst estimates by 1.6%. Over the next year, revenue is expected to shrink by 5.2% compared to a 2.5% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has fallen by 47% per year, which means it is performing significantly worse than earnings. Breakeven Date Change • Feb 09
Forecast to breakeven in 2023 The 6 analysts covering PGS expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 72% to 2022. The company is expected to make a profit of US$2.30m in 2023. Average annual earnings growth of 107% is required to achieve expected profit on schedule. Breakeven Date Change • Jan 30
Forecast to breakeven in 2024 The 4 analysts covering PGS expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 48% per year to 2023. The company is expected to make a profit of US$26.0m in 2024. Average annual earnings growth of 78% is required to achieve expected profit on schedule. Reported Earnings • Jan 28
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: US$0.45 loss per share (up from US$0.84 loss in FY 2020). Revenue: US$703.8m (up 49% from FY 2020). Net loss: US$179.4m (loss narrowed 44% from FY 2020). Revenue missed analyst estimates by 1.6%. Over the next year, revenue is expected to shrink by 2.8% compared to a 2.7% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has fallen by 57% per year, which means it is performing significantly worse than earnings. Reported Earnings • Oct 22
Third quarter 2021 earnings released: US$0.15 loss per share (vs US$0.084 loss in 3Q 2020) The company reported a mediocre third quarter result with increased losses and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: US$141.7m (up 67% from 3Q 2020). Net loss: US$60.7m (loss widened 86% from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has fallen by 47% per year, which means it is performing significantly worse than earnings. Reported Earnings • Jul 23
Second quarter 2021 earnings released: US$0.07 loss per share (vs US$0.29 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: US$185.9m (up 106% from 2Q 2020). Net loss: US$26.0m (loss narrowed 77% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 53% per year, which means it is significantly lagging earnings. Recent Insider Transactions • May 05
CFO & Executive VP recently bought kr398k worth of stock On the 27th of April, Gottfred Langseth bought around 75k shares on-market at roughly kr5.30 per share. This was the largest purchase by an insider in the last 3 months. Gottfred has been a buyer over the last 12 months, purchasing a net total of kr667k worth in shares. Recent Insider Transactions • Apr 24
Independent Vice Chairperson recently bought kr150k worth of stock On the 23rd of April, Anne Dalane bought around 30k shares on-market at roughly kr5.00 per share. This was the largest purchase by an insider in the last 3 months. This was Anne's only on-market trade for the last 12 months. Reported Earnings • Apr 24
First quarter 2021 earnings released: US$0.10 loss per share (vs US$0.32 loss in 1Q 2020) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2021 results: Revenue: US$165.7m (up 29% from 1Q 2020). Net loss: US$39.1m (loss narrowed 67% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 47% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 26
Full year 2020 earnings released: US$0.84 loss per share (vs US$0.21 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: US$473.2m (down 49% from FY 2019). Net loss: US$321.5m (loss widened 348% from FY 2019). Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 36% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Feb 15
New 90-day high: kr5.93 The company is up 75% from its price of kr3.38 on 17 November 2020. The British market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Energy Services industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr53.43 per share. Reported Earnings • Feb 07
Full year 2020 earnings released: US$0.84 loss per share (vs US$0.21 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: US$512.0m (down 45% from FY 2019). Net loss: US$321.5m (loss widened 348% from FY 2019). Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 43% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Jan 04
New 90-day high: kr5.34 The company is up 102% from its price of kr2.65 on 06 October 2020. The British market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Energy Services industry, which is up 33% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr49.94 per share. Is New 90 Day High Low • Dec 17
New 90-day high: kr4.63 The company is up 44% from its price of kr3.21 on 18 September 2020. The British market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Energy Services industry, which is up 30% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr48.95 per share. Is New 90 Day High Low • Nov 06
New 90-day low: kr2.31 The company is down 42% from its price of kr3.98 on 07 August 2020. The British market is down 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Energy Services industry, which is down 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr44.15 per share. Recent Insider Transactions • Oct 25
President & CEO recently bought kr297k worth of stock On the 23rd of October, Rune Pedersen bought around 105k shares on-market at roughly kr2.83 per share. This was the largest purchase by an insider in the last 3 months. This was Rune's only on-market trade for the last 12 months. Analyst Estimate Surprise Post Earnings • Oct 22
Third-quarter earnings released: Revenue misses expectations Third-quarter revenue missed analyst estimates by 5.5% at US$116.1m. Revenue is expected to shrink by 8.0% over the next year, compared to a 10% decline forecast for the Energy Services industry in the United Kingdom. Reported Earnings • Oct 22
Third quarter earnings released Over the last 12 months the company has reported total losses of US$250.4m, with losses widening by 137% from the prior year. Total revenue was US$636.9m over the last 12 months, down 27% from the prior year. Is New 90 Day High Low • Oct 21
New 90-day low: kr2.57 The company is down 33% from its price of kr3.82 on 22 July 2020. The British market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Energy Services industry, which is down 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr43.35 per share. 