PGS Sinks Deeper on Impairments

Petroleum Geo-Services (PGS), reported net loss for the fourth quarter ended December 31, 2017 of $195 million versus $156 million in the prior-year quarter.

Basic loss was 58 cents per share, narrowed from 61 cents per share same time last year.

PGS generated revenues of $236 million for the Q4 2017, compared to $154 million in the Q4 2016. Full-year 2017 revenues were $839 million, against $764 million for the full period in 2016.

“The company has recorded significant impairment charges. The market for seismic data is still uncertain and depending on several factors, including market developments and the company’s projections and plans, further impairment of long-term assets, including property and equipment, intangible assets and multi-client library may arise in future periods,” PGS said in its earnings report.

PGS recorded quarterly amortization, depreciation, impairments and other charges of some $282 million primarily relating to amortization of multi-client library.

The Oslo-listed company secured order book of $135 million, down compared to $215 million at December 31, 2016 and down from $167 million sequentially.

For the full your 2017, PGS booked net loss of $532 million, compared to $294 million in 2016.

Subsea World News Staff

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