PGS beats expectations

Petroleum Geo-Services (PGS), a marine geophysical company, has surpassed market expectations after saying on Wednesday it expects to report consolidated 3Q 2016 revenues of approximately $220 million. 

The company also said it expects to report EBITDA of approximately $110 million for the third quarter of 2016.

According to Dagens Næringsliv, a Norwegian business newspaper, expectations in the market were $180 million for revenues and EBITDA of $74 million.

The geophysical company named MultiClient sales as the main contributor to this performance that ended at approximately $145 million of which $85 million were pre-funding revenues. Capitalized MultiClient cash investment amounted to approximately $65 million.

If PGS’ preliminary consolidated 3Q 2016 numbers prove to be correct, the third quarter of 2016 will be better than the previous quarter of this year when the company’s revenues totaled $183 million, mainly impacted by reduction in MultiClient pre-funding revenues.

However, the company’s 3Q 2016 revenues will be slightly lower than the ones a year ago when it posted revenues of $225.7 million.

Offshore Energy Today Staff

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