PGS Cuts Deficit as Revenues Rise 31%

Norwegian seismic player, Petroleum Geo-Services (PGS), reported net loss for the second quarter ended June 30, 2017 of $32 million versus $52 million in the prior-year quarter.

Basic loss was 10 cents per share, narrowed from 22 cents per share same time last year.

PGS generated revenues of $240 million for the Q2 2017, compared to $183 million in the Q2 2016. First-half 2017 revenues were $395 million, against $386 million for the corresponding period in 2016.

“The first half of 2017 has played out in accordance with our expectations and within the scenarios we envisaged when we refinanced in Q4 2016. The successful refinancing combined with a significantly lower cost base make PGS well positioned to benefit from future market opportunities,” said Jon Erik Reinhardsen, president and CEO.

The Oslo-listed company secured order book of $248 million, up compared to $230 million at June 30, 2016 but down from $340 million sequentially.

PGS recorded quarterly amortization, depreciation, impairments and other charges of some $80 million primarily relating to amortization of multiclient library.

The company said it expects 2017 CAPEX at $150 million, of which approximately $89 million relates to the completion of Ramform Hyperion, paid in Q1 2017.

Subsea World News Staff

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