PGS Swings to Profit

Petroleum Geo-Services (PGS), reported profit for the second quarter ended June 30, 2018 of $10 million versus loss off $37 million in the prior-year quarter.

Basic earnings per share was 3 cents per share, bouncing back from 10 cents per share loss same time last year.

Norway-based PGS generated relatively flat quarterly revenues compared to Q1 2017 of $240 million.

“Most of our active 3D vessel capacity was allocated to multi-client in the quarter and pre-funding revenues dominated the sales mix. multi-client late sales did not benefit materially from any license rounds, but the quarter still demonstrates a continuance of the strong trend from the two previous quarters,” said Rune Olav Pedersen, PGS president and CEO.

PGS recognized net operating expenses of $63 million versus $128 million a year earlier.

The Oslo-listed company secured order book of $187 million, down compared to $248 million at June 30, 2018, and from $211 million sequentially.

PGS said it operated eight 3D vessels during the Q2 season 2018.

“Our contract activities in Q2 related mainly to completion of surveys we commenced in Q1, offshore West Africa. The marine contract market is improving, but still challenging, and it is encouraging that our estimate of the total value of bids and leads for contract work is at its highest level for more than three years,” Pedersen added.

Subsea World News Staff