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Petroleum Geo Services ASA (PGS.OL)

PGS.OL on Oslo Stock Exchange

13 Dec 2017
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Latest Key Developments (Source: Significant Developments)

PGS sees $55 mln positive liquidity from Brazil settlement, Q4 loss
Monday, 20 Nov 2017 

Nov 20 (Reuters) - Petroleum Geo-Services Asa :Settlement of all disputes relating to ISS tax in Rio de Janeiro (Brazil) - positive liquidity effect of approximately $55 million.Dispute related to Municipal Services Tax (ISS) on the licensing of MultiClient data.The settlement covers all historical periods and exposures relating to ISS on MultiClient licensing up to today.Under the settlement, PGS will pay an aggregate amount which is substantially less than the amounts already deposited by PGS for the parts of the exposure which are in court proceedings.expects that the funds will be released before year-end 2017.PGS expects to record a loss of approximately USD 15 million in Q4 2017, since the full book value of the deposited amount is not recovered. The deposit was reported as restricted cash with a book value of USD 72.2 million at September 30.PGS welcomes the new regulations issued by the Municipality of Rio de Janeiro which will increase transparency going forward and specifically require 2% ISS to be paid on MultiClient licensing.  Full Article

PGS' CEO bough 33,000 shares
Tuesday, 31 Oct 2017 

Oct 31 (Reuters) - Petroleum Geo Services Asa :‍Rune Olav Pedersen, president & CEO of PGS, has bought 33,000 shares at NOK 11.90 each.  Full Article

PGS chairman bought 25,000 shares at NOK 12.17 each
Tuesday, 31 Oct 2017 

Oct 31 (Reuters) - Petroleum Geo Services Asa :Chairman Walter Qvam bought 25,000 shares in PGS at a price of NOK 12.17 per share.  Full Article

PGS to adopt flexible vessel capacity, cut costs by $100 mln in 2018
Thursday, 26 Oct 2017 

Oct 26 (Reuters) - Petroleum Geo Services Asa :‍Announces a new centralized, simplified and streamlined organization, which builds on two business areas: sales & services and operations & technology.‍company's vessel capacity will be more flexible. Going forward pgs intends to operate a fleet of eight vessels, of which two will be used selectively to address demand swings and market seasonality.‍cost base for company will be reduced to a baseline of six vessels, while flexible capacity will be managed and crewed by a combination of regular and temporary employees.‍company plans to implement new structure by year-end 2017. Restructuring cost is estimated to be approximately $40 - 50 million and is expected to be recorded mainly in q4 2017​.‍expects overall gross cash cost for company to be reduced by at least $100 million in 2018, which should be sufficient to deliver positive cash flow after debt servicing next year, assuming a similar market in 2018 as in 2017​.  Full Article

PGS post Q3 results below forecast, warns recovery can take some time
Thursday, 26 Oct 2017 

Oct 26 (Reuters) - Petroleum Geo Services Asa :Pgs q3 revenues $‍207.6​ million (Reuters poll $228 million).Pgs q3 ebitda $‍108.6​ million (Reuters poll $127 million).Pgs q3 adjusted ebit $‍-30.4​ million (Reuters poll loss $6 million).Pgs says quarterly multiclient pre-funding revenues of $101.8 million.Says q3 multiclient late sales at $47.8 million.‍Says expects improved cash flow among clients to benefit marine 3D seismic market longer-term, but there is a risk that a market recovery will take some time ​.‍Says expects full year 2017 gross cash cost to be below $700 million​.Says ‍multiclient cash investments are expected to approximate $225 million, with a pre-funding level above 100%​.Pgs sees 2017 capital expenditure of $‍150​ million versus previous forecast of $150 million.Order book totaled $167 million at september 30​.Says ‍order intake improved in october and subsequent to 30 september company has received awards amounting to approximately $55 million​.  Full Article

TGS and PGS to expand Canada seismic data collection
Tuesday, 23 May 2017 

May 23 (Reuters) - TGS Nopec Geophysical Company Asa :TGS and PGS ramp up 3D activity offshore eastern Canada.TGS and PGS announce two new multi-client 3d seismic projects offshore eastern canada.Joint venture is now ramping up its 3d seismic acquisition in newfoundland labrador with these additional projects, reflecting high customer interest in this region.Following completion of these surveys jointly-owned library will have more than 175,000 km of 2d geostreamer data and 19,400 km2 of 3d geostreamer data.The projects are supported by industry funding.  Full Article

Norway's PGS Q4 lags, sees increasing costs in 2017
Thursday, 16 Feb 2017 

Seismic surveyor Petroleum Geo Services says: Q4 revenues $154 million (reuters poll $190 million) . Q4 ebitda $53 million (reuters poll $74 million) . Q4 ebit excluding non-recurring items $-65 million (reuters poll loss $38.1 million) . Expects volume of marine 3D seismic acquired by industry to increase in 2017 compared to 2016, partly driven by an expected increase of 4D streamer monitoring surveys and more multiclient 3D projects . Expects full year 2017 gross cash cost to be approximately $700 million vs $662 million in 2016 . Multiclient cash investments are expected to be approximately $275 million, with a pre-funding level of approximately 100 percent. . Says approximately 55% of 2017 active 3d vessel time is expected to be allocated to multiclient acquisition. . Capital expenditure is expected to be approximately $150 million, of which approximately $85 million relates to completion of new build ramform hyperion. . Order book totaled $215 million at december 31, 2016 (including $113 million relating to multiclient), compared to $190 million at september 30, 2016 .Completed refinancing to reduce debt and extend maturities to 2020.  Full Article

PGS Q3 revenues and core earnings beat forecasts
Wednesday, 12 Oct 2016 

Petroleum Geo Services Asa : Q3 earnings update - robust multiclient performance . Expects to report consolidated q3 2016 revenues of approximately $220 million, and ebitda of approximately $110 million . The mean forecast among analysts in a Thomson Reuters poll was revenues of $182 million and ebitda of $77.5 million . Multiclient sales is main contributor to strong performance and ended at approximately $145 million of which approximately $85 million were pre-funding revenues . Capitalized multiclient cash investment amounted to approximately $65 million . Company provides this information based on preliminary consolidated q3 2016 numbers .Company will present its Q3 2016 results on October 27, 2016.  Full Article

Seismic Surveyor PGS sees recovery in oil sector in 2017
Thursday, 21 Jul 2016 

The CEO of Norwegian seismic surveyor PGS , Jon Erik Reinhardsen, made the following comments during a presentation of the firm's second-quarter results, which were better than expected: Sees higher activity and spending from oil companies in 2017 versus 2016, which will be the low point in the cycle . This will be supported by oil price which has moved from the high $20s to the high $40s . Sees now much more predictability and less cancellations from oil companies than in Q1 . Says we see high utilisation on the supply side . Says has higher value in the back log and sees also indication of increased volume Further company coverage: [PGS.OL] (Reporting by Ole Petter Skonnord) ((olepetter.skonnord@thomsonreuters.com;)).  Full Article

Seismic surveyor PGS Q2 EBITDA above forecast, sees signs of stabilization
Thursday, 21 Jul 2016 

: Seismic surveyor Petroleum Geo Services Q2 EBITDA $68.8 million (Reuters poll $55.5 million) vs $125.1 mln in Q2 2015 . PGS Q2 revenues $183.0 million (Reuters poll $174 million) vs $255.8 mln in Q2 2015 . PGS Q2 pretax loss $57.7 mln (Reuters poll $-59.2 million) vs loss $57.9 mln in Q2 2015 . Says we are starting to see early signs of a stabilizing market and improving sentiment . Says despite some oil price recovery and signs of an improved market sentiment, PGS expects market uncertainty to continue through 2016. . Sees 2016 multiclient cash investments of $225 million versus previous forecast of $230 million . Sees 2016 capital expenditure of $225 million versus previous forecast of $225 million .Sees 2016 group cash cost of $700 million or below versus previous forecast $715 million.  Full Article

Seismic surveyor TGS's shares fall after Q2 sales disappoint

OSLO, Aug 3 Shares of the world's leading provider of geoscience data to oil companies TGS fell by more than 6 percent on Thursday, after disappointing sales in the second quarter.