Electromagnetic GeoServices ASA is an “increasingly likely M&A target,” according to Pareto Securities.
“One of the top candidates on the Oslo Stock Exchange,” analysts Kristian Diesen and Steffen Roedsjoe, who have a “buy” rating on the stock, wrote in a note to clients today.
Electromagnetic rose as much as 36 percent in Oslo trading and was up 27.3 percent at 11.2 kroner as of 9:47 a.m. local time. The company said today that it was awarded a $90 million contract by Petroleo Brasileiro SA. (PETR4) It also reported second- quarter earnings before interest, taxes, depreciation and amortization of $16.5 million, beating estimates of $9 million.
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