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Petroleum Geo Services ASA (PGS.OL)

PGS.OL on Oslo Stock Exchange

15.72NOK
23 Oct 2017
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Latest Key Developments (Source: Significant Developments)

PGS says 12 pct of fleet on standby in Q3, 53 pct used for multiclient
Tuesday, 3 Oct 2017 02:00am EDT 

OSLO, Oct 3 (Reuters) - Seismic firm PGS::28 pct of fleet used for contract seismic in Q3 vs 33 pct in Q3 2016.53 pct of fleet used for multiclient seismic (collecting data without a fixed contract) in Q3 vs 45 pct in Q3 2016.12 pct of fleet stacked/standby in Q3 vs 10 pct in Q3 2016.5 pct of fleet used for steaming and 2 pct at yards in q3 vs respectively 10 and 2 pct in q3 2016.In Q3 2017 PGS operated nine 3D vessels, corresponding to 128 streamers.All cold-stacked vessels are excluded from the statistics.  Full Article

Seismic surveyor PGS has no plan to raise more equity -CEO
Wednesday, 13 Sep 2017 08:12am EDT 

Sept 13 (Reuters) - Petroleum Geo Services Asa :PGS Chief Executive Officer Rune Olav Pedersen told an oil conference on Wednesday rhe company has no plan to raise more equity for PGS.Asked about warm stacking vessels, he said it is "clearly something we will consider". "It is something that will be discussed depending on how weak Q4 is," he said..  Full Article

Seismic firm PGS sees more bidding activity in Q1 2018
Wednesday, 13 Sep 2017 02:00am EDT 

Sept 13 (Reuters) - Petroleum Geo Services Asa :Seismic firm PGS says Q4 will be seasonally challenging for the industry, but sees improved bid pipeline for Q1 2018, according to presentation material from Pareto Securities Oil & Offshore Conference.Company says 90 percent of vessels booked for Q3 and 45 percent for Q4 versus respectively 90 percent and 40 percent seen earlier.  Full Article

Seismic firm PGS names new President and CEO
Friday, 25 Aug 2017 11:19am EDT 

Aug 25 (Reuters) - PETROLEUM GEO SERVICES ASA :RUNE OLAV PEDERSEN NEW PRESIDENT & CEO.RUNE OLAV PEDERSEN HAS WORKED IN PGS FOR 7 YEARS AND COMES FROM POSITION OF EXECUTIVE VICE PRESIDENT & GENERAL COUNSEL..  Full Article

Norway's PGS Q2 operating loss lower than expected
Thursday, 27 Jul 2017 02:04am EDT 

July 27 (Reuters) - PETROLEUM GEO SERVICES ASA :PGS Q2 EBIT $-17.4 MILLION (REUTERS POLL LOSS $38 MILLION).PGS Q2 REVENUES $240.5 MILLION (REUTERS POLL $207 MILLION).PGS Q2 EBITDA $112.5 MILLION (REUTERS POLL $80 MILLION).BOARD OF DIRECTORS IS WORKING ACCORDING TO PLANNED TIMELINE FOR APPOINTMENT OF A NEW CEO. ANNOUNCEMENT IS EXPECTED EARLY AUTUMN.CAPACITY ADJUSTMENT AND FURTHER COST REDUCTION INITIATIVES WILL RESULT IN ANNUAL RUN RATE CASH COST SAVINGS OF $50-60 MILLION WITH EFFECT FROM Q4..FIRST HALF OF 2017 HAS PLAYED OUT IN ACCORDANCE WITH OUR EXPECTATIONS AND WITHIN SCENARIOS WE ENVISAGED WHEN WE REFINANCED IN Q4 2016..SUCCESSFUL REFINANCING COMBINED WITH A SIGNIFICANTLY LOWER COST BASE MAKE PGS WELL POSITIONED TO BENEFIT FROM FUTURE MARKET OPPORTUNITIES..PGS SEES 2017 GROSS CASH COST OF $700 MILLION VERSUS PREVIOUS FORECAST $700 MILLION.PGS SEES 2017 MULTICLIENT CASH INVESTMENTS OF $250 MILLION VERSUS PREVIOUS FORECAST OF $250-275 MILLION.PGS SEES 2017 CAPITAL EXPENDITURE OF $150 MILLION VERSUS PREVIOUS FORECAST OF $150 MILLION.  Full Article

PGS used 60 pct of fleet to contract seismic in Q2, 24 pct to multiclient
Monday, 3 Jul 2017 02:27am EDT 

July 3 (Reuters) - Petroleum Geo Services Asa : :Vessel utilization: used 60 percent for contract seismic in q2 versus 58 percent in q2 2016.Vessel utilization: used 24 percent for multiclient seismic in q2 versus 21 percent in q2 2016.Q2 steaming 15 pct vs 19 pct in q2 2016.Q2 yards stay 0 pct vs 2 pct in Q2 2016.Stacked vessels in Q2 1 pct vs 0 pct in Q2 2016.All cold-stacked vessels are excluded from the statistics. The last new build, Ramform Hyperion, was delivered in March 2017 and is included in the statistics for Q2 2017.  Full Article

Statoil nomination committee proposes PGS chief as new chairman
Tuesday, 30 May 2017 02:08am EDT 

May 30 (Reuters) - Statoil Asa :Nomination committee recommends that company's corporate assembly elects Jon Erik Reinhardsen as new chair of board of directors.Reinhardsen on Monday announced he will step down from the position of CEO at seismic firm PGS <<>> on Aug 31.The nomination committee proposes deputy chair of the board Roy Franklin as acting chair of the board in the period from 1 July up until and including 31 August.Statoil's current chairman of the board, Oeystein Loeseth has informed the nomination committee that he does not wish to stand for re-election in 2017.  Full Article

Seismic firm PGS says CEO to retire
Monday, 29 May 2017 02:00am EDT 

May 29 (Reuters) - Petroleum Geo Services Asa :CEO Jon Erik Reinhardsen (60) has informed the board that he wishes to retire, in accordance with his employment contract .August 31, 2017 is his last day of service, and the board has initiated process to find his successor .  Full Article

PGS Q1 earnings in line, order book rises
Thursday, 11 May 2017 02:00am EDT 

May 11 (Reuters) - Petroleum Geo Services Asa :q1 revenues $154.8 million (reuters poll $155 million).q1 ebitda $30.1 million (reuters poll $31 million).q1 ebit loss $83.5 million (reuters poll loss $80 million).sees 2017 gross cash cost of $700 million versus previous forecast $700 million.sees 2017 multiclient cash investments of $250-275 million versus previous forecast of $275 million.sees 2017 capital expenditure of $150 million versus previous forecast of $150 million.Approximately 50% of 2017 active 3d vessel time is expected to be allocated to multiclient acquisition.Order book totaled $340 million at march 31, 2017 (including $196 million relating to multiclient), compared to $215 million at december 31.CEO: while it may still be too early to conclude that market has turned, increased order book and visibility makes me increasingly confident that we will be able to deliver 2017 in accordance with our plan.  Full Article

Petroleum Geo expects to report Q1 revenue of about $155 mln
Thursday, 20 Apr 2017 03:24pm EDT 

April 20 (Reuters) - Petroleum Geo Services Asa :Slow start to 2017, significant order book increase.Expects to report revenues for q1 2017 of approximately $155 million.Expects to report Q1 EBITDA of approximately $30 million.Estimates order book as of march 31, 2017 to be approximately $340 million.Improved order book reflects increase in secured pre-funding for scheduled multiclient projects, increase of volume, pricing of marine contracts.  Full Article

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OPEC's July oil output to rise by 145,000 bpd: Petro-Logistics

LONDON OPEC oil output is set to rise by 145,000 barrels per day (bpd) this month, a company which tracks OPEC supply forecast on Friday, indicating lower compliance with a pact to reduce production.