Oil services firms TGS, PGS soar on strong late sales

PGS ASA

09/04/2024 09:20

** Shares in TGS  TGS.OL  and PGS  PGS.OL , Norwegian oil
services firms that are to merge, surge 10% with analysts
pointing to a robust performance in their respective late sales
    ** PGS sees Q1 POC (percentage-of-completion) revenues at
about $223 million, while TGS forecasts their non-IFRS sales to
reach about $227 million
    ** "Although total revenue was in line with the
company-compiled consensus, the most profitable revenue figure,
late sales, beat expectations by 19%," Carnegie analyst Erik
Aspen Fossa says on TGS 
    ** Pareto's analyst Ole Martin Rødland highlights PGS' 
strong late sales, unexpected contract revenue, and decent Q1
revenue figures despite low prefunding rates
    ** Shares of PGS are on track for their best day since
September 2023, while TGS tracks its best day in two years 


 

 (Reporting by Jesus Calero)
 ((Jesus.calero@thomsonreuters.com))