Key Developments: Petroleum Geo Services ASA (PGS.OL)

PGS.OL on Oslo Stock Exchange

49.88NOK
26 May 2015
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Latest Key Developments (Source: Significant Developments)

Norway's TGS and Petroleum Geo Services win contract for 2D surveys offshore Eastern Canada
Tuesday, 12 May 2015 01:50am EDT 

Petroleum Geo Services ASA:TGS announces two new multi-client 2D surveys offshore Eastern Canada, with plans to acquire approximately 30,000 km of seismic data.Both surveys are in partnership with PGS, utilizing two vessels during the 2015 acquisition season.The M/V Atlantic Explorer utilizing the PGS GeoStreamer technology, will acquire approximately 18,000 km of seismic data in the Southeast Grand Banks. Data acquisition will commence during June 2015.The M/V Sanco Spirit, also utilizing the PGS GeoStreamer technology, will acquire approximately 12,000 km of seismic in the South Labrador, Northeastern and Eastern Newfoundland area.Data acquisition will commence during July 2015.  Full Article

Petroleum Geo Services ASA reaffirms FY 2015 EBITDA guidance
Thursday, 30 Apr 2015 02:06am EDT 

Petroleum Geo Services ASA:Expects FY 2015 EBITDA to be in the range of $550-$700 million.  Full Article

EMGS to appeal Norwegian court's ruling on patent invalidity in lawsuit against Petroleum Geo-Services
Monday, 16 Feb 2015 02:20am EST 

ElectroMagnetic GeoServices ASA (EMGS):Says will appeal Norwegian court's ruling on patent invalidity.Petroleum Geo-Services ASA (PGS) said earlier on Feb. 16 that Oslo District Court had ruled in favor of PGS in the lawsuit filed by EMGS against PGS for patent infringement relating to PGS' Towed Streamer EM technology (Full Story).EMGS says decision is contrary to previous international decisions all made by specialized patent judges.Says the patent remains valid in 23 countries.  Full Article

Petroleum Geo Services wins patent dispute with EMGS
Monday, 16 Feb 2015 02:00am EST 

Petroleum Geo Services ASA:Says PGS wins patent dispute with EMGS.Oslo District Court ruled in favor of PGS in the lawsuit filed by EMGS against PGS for patent infringement relating to PGS' Towed Streamer EM technology.Says the court found that EMGS' patent is invalid and that PGS' Towed Streamer EM system therefore does not infringe the EMGS Patent.PGS was also awarded legal fees of NOK 15,292,917.EMGS may appeal judgment within one month from formal notice.  Full Article

Petroleum Geo Services ASA reiterates FY 2015 EBITDA guidance - Conference Call
Thursday, 12 Feb 2015 03:00am EST 

Petroleum Geo Services ASA:Says FY 2015 EBITDA guidance range, which is still $550 million to $700 million.Reiterates guidance for FY 2015.FY 2015 EBITDA of $579 million - Thomson Reuters I/B/E/S.  Full Article

Petroleum Geo Services to pay dividend of NOK 0.7/share for FY 2014-Reuters
Thursday, 12 Feb 2015 02:17am EST 

Petroleum Geo Services ASA:Will pay a dividend of 0.7 Norwegian crown per share on FY 2014 earnings, down from 2.3 crowns a year earlier-Reuters.  Full Article

Petroleum Geo Services gives FY 2015 EBITDA guidance and dividend outlook-Reuters
Friday, 19 Dec 2014 01:16am EST 

Petroleum Geo Services ASA:Sees its earnings before interest, taxes, depreciation and amortization (EBITDA) in a range of $550 million to $700 million in FY 2015, below an expected $700 million in FY 2014-Reuters.Its nominal dividend will likely be reduced but the payout is expected to remain within its target of paying out between 25 percent and 50 percent of net income over business cycle.  Full Article

Petroleum Geo Services warns on profit for FY 2014-Reuters
Wednesday, 15 Oct 2014 02:32am EDT 

Petroleum Geo Services ASA:Cuts its FY 2014 earnings guidance again due to worsening demand from oil companies-Reuters.The company's earnings before interest, taxes, depreciation and amortisation is expected to amount to $725 million in FY 2014, down from the $850 million it saw in July, and against the $900-950 million the firm expected earlier in the year.In September the firm said it would cut capital spending and take vessels out of service.  Full Article

Petroleum Geo Services ASA exits Russian venture and cuts spending plans
Tuesday, 9 Sep 2014 02:00am EDT 

Petroleum Geo Services ASA:Expects in Q3 2014 to report one off costs of about 3 million dollars relating to derigging of vessels and impairment of about 20 million dollars.Says expects to reduce Capex plan by about 50 million dollars for FY 2014 and 100 million dollars for FY 2015.Says the revised FY 2014 Capex is estimated to be 375 million dollars.  Full Article

Petroleum Geo Services lowers FY 2014 EBITDA guidance and issues Q2 2014 guidance below analysts' estimates
Monday, 14 Jul 2014 02:00am EDT 

Petroleum Geo Services ASA:Lowers full year 2014 EBITDA guidance to about $850 million.Expects Q2 2014 revenue at about $335 million; EBITDA of approximately $170 million and EBIT before impairments of approximately $55 million.FY 2014 EBITDA of $861.57 million, Q2 2014 revenue of $418.09 million, Q2 2014 EBITDA of $222.71 million and Q2 2014 EBIT of $102.15 million - Thomson Reuters I/B/E/S.  Full Article

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