- (PLX AI) - PGS shares rose 10.5% after the company reported a conditional award of a carbon storage acquisition contract.
- • PGS has received a conditional award for an acquisition contract over the Smeaheia carbon storage site in the North Sea, operated by Equinor
- • Acquisition is scheduled to start in August 2022 and expected to complete in September same year
- • While the company didn't provide more details about the contract, analysts at Kepler Cheuvreux estimated that it may be worth close to $8 million
- • The seismic industry puts a lot of hope in CCUS projects, and PGS has been a pioneer in that field, Kepler said
- • Kepler rates PGS buy, with a price target of NOK 13