Petroleum Geo-Services (PGS)

[Jasper]

De har fått rating B3/B- Så denne stemmer vel ikke?

[TekBot]

PGS Completes Refinancing

March 17, 2023, Oslo, Norway: PGS ASA and/or its subsidiaries (“PGS” or the
“Company”) has successfully placed a new $450 million senior secured bond with
4-year tenor (the “Bonds”). The proceeds from the Bonds will together with cash
…

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held on balance sheet be used to repay $600 million of the Company’s Term Loan B
(the “TLB”) maturing in March 2024 at par value (the “Transaction”). The
Transaction is expected to be completed around March 31, 2023.

The offshore seismic market is in strong recovery as multiple years of
underinvestment in oil and gas exploration and development, combined with a
materially changed energy security situation, drive a strong increase of E&P
spending.

The Transaction materially improves the Company’s debt maturity profile while
still allowing PGS flexibility to pursue its deleveraging strategy without
incurring excessive costs.

• After the Transaction, $138 million of the TLB maturing in March 2024 will
  remain outstanding and be repaid at par value from cash flow and liquidity
  sources
• The $50 million super senior loan maturing in March 2024 remains in place.
  The loan may be extended by one year at the Company’s discretion or
  alternatively be replaced by a revolving credit and guarantee facility of up
  to $75 million
• The Bonds are callable after two years with a customary declining call
  premium profile

Early February PGS made a repayment of $83 million on its export credit
financing (“ECF”) loans. The remaining balance of the ECF loans is $180 million
gross (~$140 million net, if considering ~$40 million of restricted cash for
debt service on the ECF loans).

The Bonds will carry a fixed interest of 13.5%. The total interest costs for the
Company will be reduced following the Transaction as the Company will have
significantly less debt. In addition, the interest on the remaining portion of
the TLB is expected to be reduced by approximately 1% as a result of improved
credit ratings and lower leverage. The Company remains committed to continue
reducing its debt and thereby further reduce interest cost.

PGS retains a strong liquidity reserve after the debt repayments.

DNB Markets, a part of DNB Bank ASA and Pareto Securities AS acted as joint
bookrunners (the “Joint Bookrunners”) for the issuance of the Bonds.
Advokatfirmaet BAHR AS is acting as Norwegian counsel to the Company and Wikborg
Rein Advokatfirma AS is acting as Norwegian counsel to the Joint Bookrunners and
Nordic Trustee.

FOR DETAILS, CONTACT:

Bård Stenberg, VP IR & Corporate Communication
Mobile: +47 99 24 52 35

                                  ***

PGS ASA and its subsidiaries (“PGS” or “the Company”) is a fully integrated
marine geophysical company that provides a broad range of seismic and reservoir
services, including data acquisition, imaging, interpretation, and field
evaluation. Our services are provided to the oil and gas industry, as well as to
the broader and emerging new energy industries, including carbon storage and
offshore wind. The Company operates on a worldwide basis with headquarters in
Oslo, Norway and the PGS share is listed on the Oslo stock exchange (OSE: PGS).
For more information on PGS visit www.pgs.com (http://www.pgs.com).

                                  ***

The information included herein contains certain forward-looking statements that
address activities, events or developments that the Company expects, projects,
believes or anticipates will or may occur in the future. These statements are
based on various assumptions made by the Company, which are beyond its control
and are subject to certain additional risks and uncertainties. The Company is
subject to a large number of risk factors including but not limited to the
demand for seismic services, the demand for data from our multi-client data
library, the attractiveness of our technology, unpredictable changes in
governmental regulations affecting our markets and extreme weather conditions.
For a further description of other relevant risk factors we refer to our Annual
Report for 2021. As a result of these and other risk factors, actual events and
our actual results may differ materially from those indicated in or implied by
such forward-looking statements. The reservation is also made that inaccuracies
or mistakes may occur in the information given above about current status of the
Company or its business. Any reliance on the information above is at the risk of
the reader, and PGS disclaims any and all liability in this respect.

                                --END--

Kilde

[Dovregubben]

Den blir først endret etter refi, som ble annonsert nå. De skriver at dette også vil bedre renten på eksiterende lån.

[Jasper]

Ja, mente de meldte at det gjaldt pgs sin rating, mens obligasjonen skulle ha den nye, men nå har vi fasit klar, så bomma der

[Dovregubben]

Jeg gikk helt ut av PGS i dag, så blir spennende å se hvor mye den går på meldingen der. Jeg turte ikke å sitte over helgen i dagens marked. Olje ned rundt 4% og refi-betingelsene har vært kjent siden i går. Usikker på om dette er priset inn eller om prisen kjører godt på dette. Mulig at ratingen har mest å si for de store fondene + at PGS skal inn på en “bedre” indeks fra mandag (tror jeg det var).
Jeg tror uansett kursen starter mandagen med en spike opp, men om det holder seg blir spennende.

[Jasper]

Tenker den bør gå litt på dette, lite usikkerhet igjen her nå, nå kan den få betalt for markedsutsiktene. De peker rett opp

[Dovregubben]

Ser den. Jeg tapte en del forrige uke på PGS, så måtte kjøre ned risc. På lenger sikt går det rett opp, så uansett blir det bare å komme over kortsiktig støy nå.
Jeg var litt usikker på om de ville utsette refi eller akseptere høyere påslag. Hadde de utsatt, kunne det vært fantastiske mulighet til å kjøpe seg inn neste uke.
Det blir nok uansett en god “trade” aksje fremover.

[Dovregubben]

Bortsett fra “click bait”-overskriften er artikkelen positiv.

Må betale skyhøy rente

[bones70]

Hva tenkes om Finansavisens siste overskrift?

[mhalvorsen]

At det bare er tull, som mange ganger tidligere.

[HO5]

Mulig jeg er en del av “visse investorer”, men infoen ligger ihvertfall i det bildet jeg postet for 3 dager siden. Med tegningskurs 98 ligger det at man betaler 98 for 100, derav også irr/yield over kupongrenta.

[mhalvorsen]

Det er akkurat det, dette er jo ikke en hemmelighet. Det har blitt meldt.

[GMcKane]

Hva tenker vi om veien videre? Fearnley kutter kursmål fra 15 til 13.5. Er oppsiden tatt ut nå, eller skal man fortsatt sitte long her…?

[Oppturen]

For å si det sånn, «skuffelsen» på lånebetingelsene utgjør Max nok 20 øre mindre i utbytte pr aksje i 2024 og muligens 10 øre mindre i 2025.
Så får en jo tenke selv om det forsvarer nedgang på noen kroner.
Det ble ingen emisjon(utvanning) og nå går regnestykket opp slik PGS har en kapitalisering som står seg.
Deg er god fleksibilitet i nedbetaling slik at en toler endog noen små uventede hendelser. Mesteparten av total lånene er på fastrente.

[TekBot]

PGS Contract Award

March 22, 2023, Oslo, Norway: PGS is awarded a 3D exploration acquisition
contract by a major international energy company. Ramform Titan is scheduled to
mobilize for the survey in late June and acquisition is expected to complete in
…

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August 2023.

“We are very pleased with this contract award, which further improves our
visibility for the summer season. Our Ramform acquisition platform in
combination with multi-sensor GeoStreamer technology will provide the client
with high-quality seismic data,” says President & CEO in PGS, Rune Olav
Pedersen.

PGS announces contract awards and MultiClient projects as stock exchange
releases if the contract has a value of $10 million or more, and MultiClient
projects with a duration of 2 months or more.

FOR DETAILS, CONTACT:

Bård Stenberg, VP IR & Corporate Communication
Mobile: +47 99 24 52 35

                                  ***

PGS ASA and its subsidiaries (“PGS” or “the Company”) is a fully integrated
marine geophysical company that provides a broad range of seismic and reservoir
services, including data acquisition, imaging, interpretation, and field
evaluation. Our services are provided to the oil and gas industry, as well as to
the broader and emerging new energy industries, including carbon storage and
offshore wind. The Company operates on a worldwide basis with headquarters in
Oslo, Norway and the PGS share is listed on the Oslo stock exchange (OSE: PGS).
For more information on PGS visit www.pgs.com (http://www.pgs.com).

                                  ***

The information included herein contains certain forward-looking statements that
address activities, events or developments that the Company expects, projects,
believes or anticipates will or may occur in the future. These statements are
based on various assumptions made by the Company, which are beyond its control
and are subject to certain additional risks and uncertainties. The Company is
subject to a large number of risk factors including but not limited to the
demand for seismic services, the demand for data from our multi-client data
library, the attractiveness of our technology, unpredictable changes in
governmental regulations affecting our markets and extreme weather conditions.
For a further description of other relevant risk factors we refer to our Annual
Report for 2021. As a result of these and other risk factors, actual events and
our actual results may differ materially from those indicated in or implied by
such forward-looking statements. The reservation is also made that inaccuracies
or mistakes may occur in the information given above about current status of the
Company or its business. Any reliance on the information above is at the risk of
the reader, and PGS disclaims any and all liability in this respect.

                                --END--

Kilde

[Oppturen]

Jeg har studert analysen til Pareto, og den er bra den. Jeg har jevnt over litt høyere inntekter i mine estimat. Ser ut som Pareto regner «dagrater» utifra snitt gjennom hele 2022 +12%. , jeg for min del har tatt utgangspunkt i rater i Q4 2022 og lagt på 10%(tenker ratene i H1 2022 drar godt ned)
Jeg ser heller ikke at de har lagt til noe for vind kontraktene til Sanco Swift, derfor ender mine revenu kalkyler ca $100-150 mill over Pareto kalkylen. På utgift siden og renter/avdrag er vi like, så får jeg rett vil alt ende direkte på bunnlinja. (1,2-1,7 nok mer pr aksje)

Blir spennende å se ved Q1 hvem som de nærmest.

Litt tall
Snitt måneds rate Q4 : ( 111/(3,78x3)= $ 9,78 mil
Petrobras kontrakt : 110/9 = $12,2 mill ( stemmer bra med at reaktiveringskost er inkludert )

I Q1 har 3 skip vært på kontrakt ( + Swift 2D +Litt Apollo hjelp + Atlas liten jobb skotland) :
9x9,78 = $88 mill +10% = $96,8mill
I mine kalkyler har jeg plottet inn $94mill

Late sales anslår Pareto til $280 mill jevnt fordelt på året, jeg for min del tror på $360 mill og har også jevnt fordelt på året. I min logikk tenker jeg økt etterspørsel på kontrakt og MC gir også økt etterspørsel på late sales. ( Pareto tror late sales vil gå ned i 2023 over 2022)

Mitt kortsiktige kursmål 2023 NOK 22,5

[torsteinius]

Men det er vel ikke slik at pengene kommer løpende inn etterhvert som båtene er i oppdrag, det kan være en del forsinkelser om jeg har forstått det rett?

[Oppturen]

Fra Q4 vil PGS rapporter på «produsert salg», bokført salg spesielt på MC har forsinkelse. All butikk har en forsinkelse på produksjon og pengestrøm, det er helt normalt. PGS har god likviditets reserve og pengene renner jevnt inn

[TekBot]

PGS ASA: Calling Notice for 2023 Annual General Meeting

March 28, 2023, Oslo, Norway: PGS Annual General Meeting is scheduled for April
26, 2023 at 15:00 CEST. The calling notice and proxy forms can be downloaded
from www.newsweb.no or www.pgs.com.
…

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The Company’s board of directors has resolved that the annual general meeting
will be arranged virtually and made available online via Lumi AGM. All
shareholders will be able to participate in the meeting, vote and ask questions
from smart phones, tablets, lap-tops or stationary computers. For further
information regarding the virtual participation, please see the guideline made
available as Appendix XI to the calling notice.

For details, contact:
Bård Stenberg, VP IR & Corporate Communication
Mobile: +47 992 45 235

Kilde

[Hulkhaugen]

Shiiiiit
Lempet ut alt på rett over 9, følte det kom det æ snu kraftig ned. Så sjekket jeg igjen, så var der nesten 12% idag, argh