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Petroleum Geo Services ASA (PGS.OL)

PGS.OL on Oslo Stock Exchange

29.55NOK
9 Dec 2016
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Latest Key Developments (Source: Significant Developments)

PGS cuts 2016 capex, continues to see challenging market
Thursday, 27 Oct 2016 02:00am EDT 

Seismic firm Petroleum Geo Services Asa : q3 revenues $224.1 million versus preliminary result of $220 million Oct 12 and vs $225.7 mln in Q3 2015 . q3 ebitda $ 112.7 million versus preliminary result of $110 million on oct 12 and vs $115.3 mln in Q3 2015 . Q3 impairment and loss on sale of long-term asset $9.2 mln vs $65.3 mln in Q3 2015 . Despite a higher and more stable oil price and early signs of improving market sentiment PGS continues to expect a challenging market going forward . Says realizing further significant cash savings, lowering our full year estimates for gross cash costs and capital expenditures . Marine contract market is still very weak. Vessel utilization will be challenging over coming winter with some idle time in q4, as some clients are moving work from q4 into 2017 . Due to weak market we have decided to warm-stack Ramform Vanguard over winter . Our liquidity position is adequate . sees 2016 group cash cost of $675 million versus previous forecast $700 million or below . sees 2016 multiclient cash investments of $200 million versus previous forecast of $225 million . sees 2016 capital expenditure of $215 million versus previous forecast of $225 million.  Full Article

PGS Q3 revenues and core earnings beat forecasts
Wednesday, 12 Oct 2016 01:54am EDT 

Petroleum Geo Services Asa : Q3 earnings update - robust multiclient performance . Expects to report consolidated q3 2016 revenues of approximately $220 million, and ebitda of approximately $110 million . The mean forecast among analysts in a Thomson Reuters poll was revenues of $182 million and ebitda of $77.5 million . Multiclient sales is main contributor to strong performance and ended at approximately $145 million of which approximately $85 million were pre-funding revenues . Capitalized multiclient cash investment amounted to approximately $65 million . Company provides this information based on preliminary consolidated q3 2016 numbers .Company will present its Q3 2016 results on October 27, 2016.  Full Article

Seismic Surveyor PGS sees recovery in oil sector in 2017
Thursday, 21 Jul 2016 03:44am EDT 

The CEO of Norwegian seismic surveyor PGS , Jon Erik Reinhardsen, made the following comments during a presentation of the firm's second-quarter results, which were better than expected: Sees higher activity and spending from oil companies in 2017 versus 2016, which will be the low point in the cycle . This will be supported by oil price which has moved from the high $20s to the high $40s . Sees now much more predictability and less cancellations from oil companies than in Q1 . Says we see high utilisation on the supply side . Says has higher value in the back log and sees also indication of increased volume Further company coverage: [PGS.OL] (Reporting by Ole Petter Skonnord) ((olepetter.skonnord@thomsonreuters.com;)).  Full Article

Seismic surveyor PGS Q2 EBITDA above forecast, sees signs of stabilization
Thursday, 21 Jul 2016 01:59am EDT 

: Seismic surveyor Petroleum Geo Services Q2 EBITDA $68.8 million (Reuters poll $55.5 million) vs $125.1 mln in Q2 2015 . PGS Q2 revenues $183.0 million (Reuters poll $174 million) vs $255.8 mln in Q2 2015 . PGS Q2 pretax loss $57.7 mln (Reuters poll $-59.2 million) vs loss $57.9 mln in Q2 2015 . Says we are starting to see early signs of a stabilizing market and improving sentiment . Says despite some oil price recovery and signs of an improved market sentiment, PGS expects market uncertainty to continue through 2016. . Sees 2016 multiclient cash investments of $225 million versus previous forecast of $230 million . Sees 2016 capital expenditure of $225 million versus previous forecast of $225 million .Sees 2016 group cash cost of $700 million or below versus previous forecast $715 million.  Full Article

Seismic surveyor PGS Q2 EBITDA above forecast, sees signs of stabilization
Thursday, 21 Jul 2016 01:59am EDT 

: Seismic surveyor Petroleum Geo Services Q2 EBITDA $68.8 million (Reuters poll $55.5 million) vs $125.1 mln in Q2 2015 . PGS Q2 revenues $183.0 million (Reuters poll $174 million) vs $255.8 mln in Q2 2015 . PGS Q2 pretax loss $57.7 mln (Reuters poll $-59.2 million) vs loss $57.9 mln in Q2 2015 . Says we are starting to see early signs of a stabilizing market and improving sentiment . Says despite some oil price recovery and signs of an improved market sentiment, PGS expects market uncertainty to continue through 2016. . Sees 2016 multiclient cash investments of $225 million versus previous forecast of $230 million . Sees 2016 capital expenditure of $225 million versus previous forecast of $225 million .Sees 2016 group cash cost of $700 million or below versus previous forecast $715 million.  Full Article

TGS NOPEC and Petroleum Geo Services to conduct 2D multi-client survey offshore Canada
Monday, 2 May 2016 01:55am EDT 

TGS NOPEC Geophysical Co ASA:Announces the expansion of its multi-client library offshore Eastern Canada with plans to acquire more than 36,000 km of 2D seismic data, in partnership with Petroleum Geo Services (PGS), utilizing two vessels during the 2016 acquisition season.The M/V Sanco Spirit and M/V Atlantic Explorer, utilizing the PGS GeoStreamer technology, will acquire seismic and gravity data in the Labrador Sea, Newfoundland Orphan-Flemish Pass basins and Grand Banks areas. Data acquisition will commence during late May 2016.Pre-processing of the initial GeoStreamer signal will be performed by PGS following which TGS will perform data processing with final data available to clients in Q3 2017.This new data will complement the existing TGS-PGS joint venture library which already comprises over 112,000 km of modern 2D data and 9,172 km2 of 3D data in addition to 83,700 km of TGS vintage data.  Full Article

Petroleum Geo Services says Walter Qvam proposed as new chairman
Monday, 11 Apr 2016 06:00am EDT 

Petroleum Geo Services ASA:Walter Qvam proposed as new chairmar.Says Francis Gugen, the current Chairperson, and Harald Norvik, the current Vice Chairperson, have decided not to stand for re-election after almost 13 years of service.  Full Article

Petroleum Geo Services raises NOK 920 mln in share issue
Thursday, 12 Nov 2015 02:10am EST 

Petroleum Geo Services ASA:Says that it has successfully raised around 919.6 million Norwegian crowns in gross proceeds through a placement of 21,779,999 new shares and 1,800,000 treasury shares.The price was 39 crowns per share compared to a closing price of 39.94 crowns on Nov. 11.Says have entered into share lending agreement with Ferd.Ferd has been allocated 2,178,000 shares.Morten Borge, Investment Director of Ferd AS, is a PGS Board Member and a primary insider of the Company.ABG Sundal Collier and Nordea Markets acted as Joint Global Coordinators and Joint Bookrunners for the Private Placement.  Full Article

Petroleum Geo Services lowers FY 2015 EBITDA outlook, will propose no dividend for FY 2015
Friday, 23 Oct 2015 01:58am EDT 

Petroleum Geo Services ASA:Has agreed that no dividend shall be proposed for FY 2015.Cuts FY 2015 EBITDA outlook to around $500 million from earlier view of ending up in the low range of $550-$700.  Full Article

Petroleum Geo Services to preserve cash as demand from oil firms plunges - Reuters
Wednesday, 2 Sep 2015 02:10am EDT 

Petroleum Geo Services ASA:Says will cold-stack another seismic ship, taking the total to three, and concentrate on preserving cash as demand from energy firms continues to plunge - Reuters.Says in-sea equipment from the Ramform Viking will be used on vessels in operation and reduces the company's capital expenditures related to maintenance in 2016 by about $50 million.Says cold-stacking of the three Ramform vessels will reduce quarterly cash costs by about $25-30 million with full effect from Q1 2016.Using seismic equipment, PGS' vessels scan the seabed for potential oil reserves, while energy companies buy the data to help them decide where to drill.  Full Article

NORDIC STOCKS - Factors to watch on Oct 12

The following stocks may be affected by newspaper reports and other factors on Wednesday: