PGS Q1 Loss Widens

Petroleum Geo-Services (PGS), reported loss for the first quarter ended March 31, 2019 of $65 million versus loss of $40 million in the prior-year quarter.

Basic loss per share was 19 cents, down from 12 cents per share loss same time last year.

Norway-based PGS generated $129 million in quarterly revenues compared to Q1 2018 of $201 million.

The Oslo-listed seismic player secured order book of $238 million, up compared to $163 million at December 31, 2018, and from $211 million year-over-year.

For 2019 PGS said it expects multi-client cash investments to be approximately $250 million. More than 50% of 2019 active 3D vessel time is currently expected to be allocated to multi-client acquisition.

Capex for 2019 is expected to be approximately $85 million, which includes the reactivation of the vessel Ramform Vanguard.

Subsea World News Staff