PGS Returns to Profit

Petroleum Geo-Services (PGS), has bounced back in black in the third quarter ended September 30, 2019, as revenues hiked close to 70 per cent from same time last year.

The Oslo-listed seismic player reported quarterly profit of $31.5 million, or 9 cents per share on revenues of $276.5 million, against loss of $35.4 million, or 10 cents per share on revenues of $163.4 million in the prior-year quarter.

Year-to-date, Norway-based PGS generated $598 million in revenues compared to $604 million for the three quarters in 2018.

For the nine months of 2019, PGS recognized net loss of close to $83 million, against $64 million in the prior-year comparable period.

PGS secured order book of $336 million, up $192 million compared to Q3 2018, and $36 million sequentially.

Subsea World News Staff

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