Loss Widens for PGS

Oslo-listed seismic player, Petroleum Geo-Services (PGS), has posted net loss of $334.6 million for the fourth quarter of 2015, compared with $93.6 million loss in the corresponding period in 2014.

In the fourth quarter of 2015, the company generated revenues of $229.3 million, down some 47 percent, when compared to $430.1 million a year earlier. Full-year revenues were $961.9 million, a 34 percent drop when compared to $1,45 billion in 2014.

The seismic market has been severely hit by the oil price drop, forcing many players to adapt and downsize. PGS was no exception. The company’s loss in 2015 widened by some $477 million versus 2014 results. For the year 2015, the company has booked net loss of $528 million.

“2016 will be another difficult year for the seismic industry,” said Jon Erik Reinhardsen, president and CEO of PGS.

PGS recorded impairments of $172.4 million in Q4 2015. The multi-cient library book value was written down by $102.5 million in Q4 2015. For the full year 2015, impairments and loss on sale of assets amounted to $397.2 million.

Furthermore, during Q4 2015, PGS cold-stacked four Ramform vessels. The company’s order book totaled $240 million at December 31, 2015 compared to $410 million at December 31, 2014.

Subsea World News Staff

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