PGS Estimates Q4 Multi-Client Sales at $170 Million

Norwegian seismic player Petroleum Geo-Services has said it expects to report total multi-client revenues of approximately $170 million in Q4 2017.

According to the company, this should result in a consolidated EBITDA in excess of $100 million.

PGS reported good sales from its global multi-client library, in particular from its existing library in Brazil and recent and ongoing surveys in Malaysia.

To remind, in October last year, PGS has initiated business restructuring after its net loss widened at $190 million in Q3 2017 from $29 million in Q3 2016.

The new organization should build on the two business areas: Sales & Services and Operations & Technology.

PGS said it intends to operate a fleet of eight vessels, of which two will be used selectively to address demand swings and market seasonality.

Restructuring cost has been estimated at approximately $40 – 50 million and is expected to be recorded mainly in Q4 2017.

PGS will report its Q4 and preliminary full year 2017 results on February 1, 2018. Net loss for the fourth quarter of 2016 was $156 million on total revenue of $154 million.

Subsea World News Staff

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