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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)

PGS wins contract in excess $75 mln in South America
Wednesday, 14 Nov 2018 02:00am EST 

Nov 14 (Reuters) - Petroleum Geo Services ASA ::AWARDED LARGE CONTRACT IN SOUTH AMERICA.PGS HAS ENTERED INTO A CONTRACT FOR A 3D SURVEY IN SOUTH AMERICA FOR AN UNDISCLOSED CLIENT.PGS PLANS TO USE TWO RAMFORM TITAN-CLASS VESSELS FOR AN ESTIMATED TOTAL DURATION OF APPROXIMATELY 13 VESSEL MONTH.ACQUISITION IS SCHEDULED TO START IN SECOND HALF OF NOVEMBER AND CONTRACT VALUE IS ESTIMATED TO BE IN EXCESS OF $75 MILLION.  Full Article

PGS sells Optoseis to Geospace Technologies
Tuesday, 13 Nov 2018 10:06am EST 

Nov 13 (Reuters) - Petroleum Geo Services ASA ::PGS SELLS OPTOSEIS TO GEOSPACE TECHNOLOGIES.TERMS OF TRANSACTION INCLUDE AN INITIAL CASH PAYMENT AT CLOSING OF $1.8 MILLION AND CONTINGENT CASH PAYMENTS OF UP TO AN ADDITIONAL $23.2 MILLION OVER A FIVE-AND-A-HALF YEAR EARN-OUT PERIOD.PARETO SECURITIES ACTED AS FINANCIAL ADVISER TO PGS IN THIS TRANSACTION.  Full Article

PGS CEO: Seismic market looks better when you look into 2019
Thursday, 18 Oct 2018 03:47am EDT 

Oct 18 (Reuters) - Seismic firm Petroleum Geo Services ASA ::PGS CEO: SEISMIC MARKET LOOKS BETTER WHEN YOU LOOK INTO 2019.PGS CEO: I DO EXPECT THAT TREND OF INCREASED PRICES IN 2018 WILL CONTINUE INTO 2019.PGS CEO: IT IS UNLIKELY THAT WE WILL REACTIVATE COLD-STACKED VESSELS IN 2019.CEO RUNE O. PEDERSEN MADE THE COMMENTS DURING THE Q3 CONFERENCE CALL.  Full Article

PGS Q3 multiclient allocation rises to 68 pct
Tuesday, 2 Oct 2018 02:10am EDT 

Oct 2 (Reuters) - Petroleum Geo Services ASA ::VESSEL ALLOCATION Q3 2018.APPROXIMATE ALLOCATION OF PGS OPERATED 3D TOWED STREAMER CAPACITY.CONTRACT SEISMIC 19% IN Q3 2018 VERSUS 28% IN Q3 2017.MULTICLIENT SEISMIC 68% IN Q3 2018 VERSUS 53% IN Q3 2017.Q3 2018 VESSEL STATISTICS INCLUDES EIGHT VESSELS. ALL COLD-STACKED VESSELS ARE EXCLUDED FROM STATISTICS.WILL RELEASE ITS Q3 2018 FINANCIAL RESULTS ON THURSDAY OCTOBER 18.  Full Article

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

NORWEGIAN STOCKS-Weak salmon shares after Q2 reports

OSLO, Aug 22 (Reuters) - * Oslo's benchmark index fell -0.01 pct, or -0.05 points, to 904.26 points and was up by 11.03 pct year-to-date * The broader Oslo All Share Index was up 0.06 percent * Brent crude futures, a trigger for the oil heavy Oslo Bourse, rose $1.29 to $73.92 a barrel * Among the biggest firms on the Oslo Bourse, Equinor was flat 0.00 pct, Telenor rose 0.09 pct and DNB rose 0.24 pct * Turnover at the Oslo Bourse was 2.6 billion Norwegian crowns and most traded shares were Marine