PGS Cuts Down Q3 Loss

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

The Oslo-listed seismic player, posted quarterly net loss of $29 million or 12 cents per share, compared with $110 million net loss or 51 cents per share in the corresponding period in 2015.

In the third quarter of 2016, the company generated revenues of $224 million, compared to revenues of $226 million a year earlier.

For the nine months ended September 30, 2016, PGS generated revenue of some $610 million against $633 million in the first nine months of 2015.

Jon Erik Reinhardsen, president and CEO of PGS said: “Multi-Client represents 60% of our revenues so far in 2016 and 66% in Q3. The marine contract market is still very weak. Vessel utilization will be challenging over the coming winter with some idle time in Q4, as some clients are moving work from Q4 into 2017. Due to the weak market we have decided to warm-stack Ramform Vanguard over the winter.”

Net loss for the first nine months of 2016 also narrowed at $137.7 million against the net loss of $193.3 million is the corresponding period in 2015.

The company’s order book totaled $190 million at September 30, 2016, compared to $230 million at June 30, 2016 and $245 million same time last year.

Subsea World News Staff