TGS’s stake in the exchange rose on expectations of increased revenue.
Last week ended with an overall decline of 0.7 percent for the main index of the Oslo Poor’s.
Monday starts much better for the Oslo Bors.
About an hour after the market opened, the main index rose 1.25 percent.
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Labor can torment stocks
TGS expects to increase income
Seismic company TGS expects revenue to increase to $164 million (1.6 billion kroner) in the fourth quarter from $105 million at the same time last year.
It appears in an update from the company.
— I’m pleased to see the strong sales momentum accelerating this quarter. Late sales in the fourth quarter of 2022 are the best we’ve seen in the fourth quarter since 2014, TGS CEO Christian Johansen says.
TGS shares rose 11.36 percent Monday morning.
In a multi-customer survey, seismic data is collected that all interested customers can purchase, and you start the survey when you feel comfortable with the number of people who have purchased in advance (pre-financing).
However, a significant portion of the income can come from multiple clients, in the form of what is called an after-sale of data, months or years after a survey in an area is completed.
Full results for the quarter will be released on February 9.
The price of oil is on its way up
The past week was largely influenced by oil stocks. In the past week, Equinor stock has fallen 9 percent, and the price of oil has fallen 7 percent since the new year.
On Monday morning, the price of oil reversed and is on its way up.
At 9 am, North Sea oil is trading at just over $80 a barrel. This is an increase of 1.9 percent since midnight.
Aker Solutions with a billion dollar contract
Aker Solutions signs a $1 billion contract with Altera Infrastructure, the company writes in a stock exchange announcement.
The oil services company wrote that it expects to receive a contract-related order of NOK 2.5 billion during the first quarter.
Aker Solutions defines the contract as “substantial,” meaning the contract value is between NOK 2.5 and 4 billion.
The announcement quoted CEO Sturla Magnus as saying the upgrade would take place “with a strong focus on solutions that reduce emissions.”
Wall Street positivity
Wall Street ended last week with a strong rise after the new jobs numbers from the US.
The three trend-setting indices ended up above 2 percent, after figures showed wage growth cooled more than expected.
The Non-Farm Payrolls report showed that 223,000 new jobs were created in the US outside of agriculture last December. At the same time, wage growth slowed to 4.6 percent from the same period a year earlier. It was well below expectations of 5 percent, down from 4.8 percent in November.
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