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

PGS.OL on Oslo Stock Exchange

3 Jul 2015
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Latest Key Developments (Source: Significant Developments)

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

Petroleum Geo Services ASA reaffirms FY 2014 EBITDA guidance - Conference Call
Friday, 9 May 2014 07:00am EDT 

Petroleum Geo Services ASA:Reiterates FY 2014 EBITDA in the range of $900 to $950 mln.  Full Article

TGS and Petroleum Geo-Services team up for offshore Canada survey-Reuters
Wednesday, 7 May 2014 02:04am EDT 

TGS NOPEC Geophysical Co ASA:TGS NOPEC Geophysical Co ASA and Petroleum Geo-Services ASA joins forces to collect more seismic data offshore Eastern Canada in the Labrador Sea and Newfoundland Flemish Pass-Reuters.The 2D survey that will cover 30,000 square kilometers, will be done this year and will be funded through industry support.Final data will be available in Q3.  Full Article

Petroleum Geo Services ASA announces details on FY 2013 dividend
Tuesday, 8 Apr 2014 03:00am EDT 

Petroleum Geo Services ASA:Says 2.30 Norwegian crowns per share is paid as dividend for 2013, constituting an aggregate dividend payment of 494,825,050 crowns.Dividend will be paid to those who are shareholders at end of trading on May 8, and the shares will be trading exclusive dividend rights as of May 9.  Full Article

Petroleum Geo Services secures financing for two vessels
Tuesday, 11 Mar 2014 03:41am EDT 

Petroleum Geo Services ASA:Says it has established Export Credit Financing for the two (third and fourth of a series of four) Ramform Titan-class vessels scheduled for 2015 delivery.Says it has through a wholly owned subsidiary signed two loan agreements for together $305 million to finance the two new builds.Says the lenders are Japan Bank for International Cooperation (JBIC) and Sumitomo Mitsui Banking Corporation (SMBC) with Nippon Export and Investment Insurance insuring the SMBC portions of the loans.Says the loans will have a tenor of 12 years from delivery of the vessels with semi-annual equal installments.Says lenders will have first priority mortgage in the two vessels.Says half the loan will bear fixed interest rate while the other half will have a revolving six months floating interest plus a margin.  Full Article

Petroleum Geo Services ASA reaffirms FY 2014 EBITDA guidance - Conference Call
Thursday, 13 Feb 2014 02:00pm EST 

Petroleum Geo Services ASA:Reiterates FY 2014 guidance on EBITDA of $900-$950 mln.FY 2014 EBITDA of $917 mln - Thomson Reuters I/B/E/S.  Full Article

Petroleum Geo Services proposes FY 2013 dividend of NOK 2.30/share
Thursday, 13 Feb 2014 02:00am EST 

Petroleum Geo Services ASA:Proposes an ordinary dividend for FY 2013 of 2.30 Norwegian crowns per share.Says the proposal represents an increase of 39 percent from the dividend of 1.65 Norwegian crown per share paid for FY 2012.  Full Article

PGS signs $200 mln contract with BHP Billiton and BP-TDN Finans
Friday, 7 Feb 2014 02:55am EST 

Petroleum Geo Services ASA:Has signed a 3D seismic contract with BHP Billiton and BP regarding 17,000 square meters off Trinidad and Tobago-TDN Finans.Value of the contract is $200 million.  Full Article

PGS gives FY 2014 EBITDA guidance in line with estimates
Thursday, 9 Jan 2014 01:01am EST 

Petroleum Geo Services ASA (PGS):Expects FY 2014 EBITDA of $900-950 million.Says the forecasted result is driven by expected increased capacity, flat pricing for sold capacity and slightly lower pricing assumed for unsold capacity.FY 2014 EBITDA $933.70 million - Thomson Reuters I/B/E/S Estimates.  Full Article

ElectroMagnetic GeoServices ASA announces patent infringement claims against Petroleum Geo Services ASA in United Kingdom, Ireland and Norway
Wednesday, 18 Dec 2013 02:15am EST 

ElectroMagnetic GeoServices ASA:Says it has issued claims against each of Petroleum Geo Services ASA, (PGS Exploration (UK) Limited and PGS Geophysical AS (together PGS) in the High Court of Justice, Patent Court in London in the United Kingdom.Says basis for claims is evaluation by the company that PGS has used Towed Streamer EM in United Kingdom and Ireland in violation of both European Patent EP (UK) 1 256 019 B2 (the Patent) and European Patent EP (IE) 1 256 019 B2 (the Irish Patent).Says the evaluation has been based on technical and commercial papers published by PGS as well as other public documents issued by PGS.Says it has also sent a warning letter to PGS that similar claims will be filed in Norwegian courts based on PGS' use of the Towed Streamer EM in Norwegian territory infringing EMGS' Norwegian patent NO 324454 8 (the Norwegian Patent).Says it informed PGS that Patent, being same as Irish Patent and Norwegian Patent, was granted in Australia, Canada, China, Egypt, Denmark, France, Germany, Greece, Italy, Netherlands, Portugal, Spain, Turkey, Falkland Islands, India, Indonesia, Iran, Mexico, Nigeria, Russia, United States, Malaysia.Says the Patent was filed in Feb. 2000 and is valid until Feb. 2020.Says in certain of the latter jurisdictions the claims of the granted patent include the use of data collected using the method described in the patent.  Full Article

BRIEF-Spectrum, PGS and Schlumberger in cooperation in Mexico

* PGS have executed an MOU (memorandum of understanding) for a cooperation agreement with Spectrum and Schlumberger in Mexico.

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