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Petroleum Geo Services ASA (PGS.OL)

PGS.OL on Oslo Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Seismic firms PGS and TGS start new 3D multiclient survey offshore Canada
Friday, 1 Jun 2018 02:00am EDT 

June 1 (Reuters) - Petroleum Geo Services ASA and TGS::REG-PGS AND TGS ANNOUNCE NEW TABLELANDS 3D MULTICLIENT PROJECT OFFSHORE EAST CANADA.NEW TABLELANDS 3D GEOSTREAMER® SURVEY WILL COVER APPROXIMATELY 8,000 KM² IN AN ACTIVE NEWFOUNDLAND AREA OF FLEMISH PASS AND ORPHAN BASINS.ACQUISITION IS EXPECTED TO COMPLETE IN LATE Q3 2018..  Full Article

Seismic surveyor PGS raises multiclient cash investments as Q1 beats
Thursday, 26 Apr 2018 02:14am EDT 

April 26 (Reuters) - Petroleum Geo Services ASA ::PGS SEES 2018 MULTICLIENT CASH INVESTMENTS OF $275 MILLION VERSUS PREVIOUS FORECAST OF ABOUT $250 MILLION.PGS Q1 REVENUES $201.3 MILLION (REUTERS POLL $168 MILLION).PGS SEES 2018 GROSS CASH COST OF $600 MILLION VERSUS PREVIOUS FORECAST OF BELOW $575 MILLION.PGS SEES 2018 CAPITAL EXPENDITURE OF $50 MILLION VERSUS PREVIOUS FORECAST OF ABOUT $50 MILLION.PGS Q1 EBITDA $92.3 MILLION (REUTERS POLL $80 MILLION).  Full Article

PGS capex to drop as no new vessels ordered -CEO
Thursday, 1 Feb 2018 03:25am EST 

Feb 1 (Reuters) - Petroleum Geo Services Asa CEO Rune Olav Pedersen and CFO Gottfred Langseth said on Thursday::CEO: WILL NOT BUILD ANY NEW VESSELS IN FORESEEABLE FUTURE, CAPEX WILL COME DOWN MUCH LOWER THAN HISTORICAL LEVELS.CEO: CASH FLOW IS THE FOCUS FOR 2018.CFO: IMPLEMENTED MEASURES WILL REDUCE GROSS CASH COSTS BY MORE THAN $100 MILLION VERSUS 2017.  Full Article

PGS Q4 EBITDA beats forecast, sees flat 2018 market‍​
Thursday, 1 Feb 2018 01:00am EST 

Feb 1 (Reuters) - Marine seismic firm Petroleum Geo-Services Asa ::PGS SAYS 2017 EBITDA OF $‍374.1​ MILLION (REUTERS POLL $358 MILLION) .‍EXPECTS HIGHER OIL PRICE, IMPROVED CASH FLOW AMONG CLIENTS AND UNSUSTAINABLE RESERVE REPLACEMENT RATIOS TO BENEFIT MARINE 3D SEISMIC MARKET FUNDAMENTALS GOING FORWARD​.PGS Q4 EBITDA $‍122.8​ MILLION (REUTERS POLL $106 MILLION) VS $53.1 MLN IN Q4 2016.‍WHILE COMPANY EXPECTS MARKET SENTIMENT TO IMPROVE DURING 2018, THERE IS A RISK THAT A MARKET RECOVERY WILL TAKE SOME TIME​.PGS Q4 EBIT EXCLUDING ONE-OFFS LOSS $‍24.5​ MILLION (REUTERS POLL LOSS $79.5 MILLION).‍FOR THIS REASON COMPANY IS PLANNING ITS COST AND CAPITAL EXPENDITURES FOR 2018 TARGETING A POSITIVE CASH FLOW POST DEBT SERVICE IN A FLAT MARKET COMPARED TO 2017​.PGS Q4 REVENUES $‍235.9​ MILLION (REUTERS POLL $218 MILLION) VS $154.1 MLN IN Q4 2016.‍BASED ON CURRENT OPERATIONAL PROJECTIONS AND WITH REFERENCE TO DISCLOSED RISK FACTORS, PGS EXPECTS FULL YEAR 2018 GROSS CASH COST BELOW $575 MILLION​.‍2018 MULTICLIENT CASH INVESTMENTS ARE EXPECTED TO BE APPROXIMATELY $250 MILLION​.‍MORE THAN 50% OF 2018 ACTIVE 3D VESSEL TIME IS EXPECTED TO BE ALLOCATED TO MULTICLIENT ACQUISITION​.‍CAPITAL EXPENDITURE FOR 2018 IS EXPECTED TO BE APPROXIMATELY $50 MILLION​.‍LIQUIDITY RESERVE OF $257.3 MILLION AT YEAR-END 2017, COMPARED TO $271.7 MILLION IN 2016​.‍ORDER BOOK TOTALED $135 MILLION AT DECEMBER 31, 2017 (INCLUDING $101 MILLION RELATING TO MULTICLIENT), COMPARED TO $167 MILLION AT SEPTEMBER 30, 2017​.  Full Article

Norway's PGS sees Q4 EBITDA above $100 mln
Thursday, 4 Jan 2018 02:06am EST 

Jan 4 (Reuters) - Petroleum Geo Services Asa ::PETROLEUM GEO-SERVICES ASA: Q4 2017 MULTICLIENT REVENUES OF APPROXIMATELY $170 MILLION - EBITDA ABOVE $100 MILLION.‍HAS SEEN GOOD SALES FROM ITS GLOBAL MULTICLIENT LIBRARY ACROSS REGIONS, IN PARTICULAR FROM ITS EXISTING LIBRARY IN BRAZIL AND RECENT AND ONGOING SURVEYS IN MALAYSIA​.‍COMPANY WILL REPORT ITS Q4 AND PRELIMINARY FULL YEAR 2017 RESULTS ON FEBRUARY 1​.  Full Article

PGS Q4 contract, multiclient seismic both at 23 pct
Thursday, 4 Jan 2018 01:59am EST 

Jan 4 (Reuters) - Petroleum Geo Services Asa ::VESSEL ALLOCATION Q4 2017.Q4 ‍CONTRACT SEISMIC 23 % VERSUS 25%​.Q4 ‍MULTICLIENT SEISMIC 23% VERSUS 27%​.Q4 ‍ STEAMING 15% VERSUS 15%​.Q4 YARD STAYS 7% VERSUS 4%​.‍STACKED/STANDBY 32% VERSUS 29%​.  Full Article

PGS sees $55 mln positive liquidity from Brazil settlement, Q4 loss
Monday, 20 Nov 2017 12:30am EST 

Nov 20 (Reuters) - Petroleum Geo-Services Asa :Settlement of all disputes relating to ISS tax in Rio de Janeiro (Brazil) - positive liquidity effect of approximately $55 million.Dispute related to Municipal Services Tax (ISS) on the licensing of MultiClient data.The settlement covers all historical periods and exposures relating to ISS on MultiClient licensing up to today.Under the settlement, PGS will pay an aggregate amount which is substantially less than the amounts already deposited by PGS for the parts of the exposure which are in court proceedings.expects that the funds will be released before year-end 2017.PGS expects to record a loss of approximately USD 15 million in Q4 2017, since the full book value of the deposited amount is not recovered. The deposit was reported as restricted cash with a book value of USD 72.2 million at September 30.PGS welcomes the new regulations issued by the Municipality of Rio de Janeiro which will increase transparency going forward and specifically require 2% ISS to be paid on MultiClient licensing.  Full Article

PGS' CEO bough 33,000 shares
Tuesday, 31 Oct 2017 04:42am EDT 

Oct 31 (Reuters) - Petroleum Geo Services Asa :‍Rune Olav Pedersen, president & CEO of PGS, has bought 33,000 shares at NOK 11.90 each.  Full Article

PGS chairman bought 25,000 shares at NOK 12.17 each
Tuesday, 31 Oct 2017 04:29am EDT 

Oct 31 (Reuters) - Petroleum Geo Services Asa :Chairman Walter Qvam bought 25,000 shares in PGS at a price of NOK 12.17 per share.  Full Article

PGS to adopt flexible vessel capacity, cut costs by $100 mln in 2018
Thursday, 26 Oct 2017 12:59am EDT 

Oct 26 (Reuters) - Petroleum Geo Services Asa :‍Announces a new centralized, simplified and streamlined organization, which builds on two business areas: sales & services and operations & technology.‍company's vessel capacity will be more flexible. Going forward pgs intends to operate a fleet of eight vessels, of which two will be used selectively to address demand swings and market seasonality.‍cost base for company will be reduced to a baseline of six vessels, while flexible capacity will be managed and crewed by a combination of regular and temporary employees.‍company plans to implement new structure by year-end 2017. Restructuring cost is estimated to be approximately $40 - 50 million and is expected to be recorded mainly in q4 2017​.‍expects overall gross cash cost for company to be reduced by at least $100 million in 2018, which should be sufficient to deliver positive cash flow after debt servicing next year, assuming a similar market in 2018 as in 2017​.  Full Article