PGS Narrows Quarterly Deficit

Petroleum Geo-Services (PGS), reported net loss for the fourth quarter ended March 31, 2018 of $40 million versus $106 million in the prior-year quarter.

Basic loss was 12 cents per share, narrowed from 32 cents per share same time last year.

Norway-based PGS generated revenues of $201 million for the Q1 2018, compared to $155 million in the Q1 2017.

“The favorable geographical spread of our multi-client library and our well positioned surveys, combined with improving market sentiment contributed to solid multi-client late sales revenues in the quarter,” said Rune Olav Pedersen, PGS president and CEO.

PGS recognized total operating expenses of $209 million versus $249 million a year earlier.

The Oslo-listed company secured order book of $211 million, down compared to $340 million at March 31, 2017, but up from $135 million sequentially.

“All our contract activities in the quarter were offshore West Africa, and we expect to continue to operate some of our vessels in this region in the coming quarters. The marine contract market is still challenging and was, as expected, seasonally weak also this winter. We expect pricing for contract work to be higher during the summer season compared to what we have achieved this winter,” Pedersen added.

PGS said it plans to operate eight 3D vessels during the summer season 2018.

Subsea World News Staff

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