PGS Estimates Q3 Revenues of $220 Mln

Oslo-listed seismic player Petroleum Geo-Services (PGS) said it expects to report consolidated third-quarted 2016 revenues of some $220 million, and EBITDA of about $110 million.

According to PGS, based on its preliminary consolidated Q3 2016 numbers, revenues hiked around 20 percent sequentially from $183 million in Q2 2016.

Multi-client sales ended at approximately $145 million, of which approximately $85 million were pre-funding revenues. Capitalized multi-client cash investment amounted to approximately $65 million.

Same time last year, the company generated revenues of $225.7 million (out of which $120.4 million goes to multi-client revenues and $77.3 million on contract revenues).

“The company has not completed all review and control procedures relating to its quarterly reporting and significant evaluations have not yet been concluded. Such procedures could identify required adjustments to revenues, costs and/or the carrying value of assets or liabilities compared to the preliminary consolidated numbers, and are therefore subject to change,” PGS said in Oslo Exchange filing on Wednesday.

In addition, PGS said it will present its Q3 2016 results on October 27, 2016. Result for the prior-year quarter was a net loss of $110 million.

Subsea World News Staff