PGS Q1 Loss Widens

April 25, 2019, by Subsea World News

Petroleum Geo-Services (PGS), reported loss for the first quarter ended March 31, 2019 of $65 million versus loss of $40 million in the prior-year quarter.

Ramform Vanguard is in the process of being rigged to start operating in late April

Basic loss per share was 19 cents, down from 12 cents per share loss same time last year.

Norway-based PGS generated $129 million in quarterly revenues compared to Q1 2018 of $201 million.

The Oslo-listed seismic player secured order book of $238 million, up compared to $163 million at December 31, 2018, and from $211 million year-over-year.

For 2019 PGS said it expects multi-client cash investments to be approximately $250 million. More than 50% of 2019 active 3D vessel time is currently expected to be allocated to multi-client acquisition.

Capex for 2019 is expected to be approximately $85 million, which includes the reactivation of the vessel Ramform Vanguard.

Subsea World News Staff