PGS Shrinks Q2 Losses

Petroleum Geo-Services (PGS), has narrowed its quarterly net loss despite a 28 percent decline in revenue during the second quarter of 2016.

The Oslo-listed seismic player, posted net loss of $51.8 million or 22 cents per share for the second quarter of 2016, compared with $63.8 million net loss or 30 cents per share in the corresponding period in 2015.

In the second quarter of 2016, the company generated revenues of $183 million, as already mentioned, down about 28 percent, when compared to revenues of $255.8 million a year earlier.

For the six months ended June 30, 2016, PGS generated revenue of some $386 million against $507 million in the first half of 2015. Net loss for the first half 2016 widened at $108.7 million against the net loss of $83.3 million is the corresponding period in 2015.

Jon Erik Reinhardsen, president and CEO of PGS said: “With the gradual recovery of the oil price from its lows in early Q1, we are starting to see early signs of a stabilizing market and improving sentiment. We believe that this has started to impact our MultiClient performance positively. The marine contract market is still characterized by very low pricing, but here too we see indications of more predictable patterns in customer survey planning and contracting processes.”

The company’s order book totaled $230 million at June 30, 2016, compared to $204 million at March 31, 2016 and $259 million same time last year.

Subsea World News Staff

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