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Petroleum Geo Services ASA (PGS.OL)

PGS.OL on Oslo Stock Exchange

15.05NOK
15 Dec 2017
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Latest Key Developments (Source: Significant Developments)

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

PGS post Q3 results below forecast, warns recovery can take some time
Thursday, 26 Oct 2017 12:59am EDT 

Oct 26 (Reuters) - Petroleum Geo Services Asa :Pgs q3 revenues $‍207.6​ million (Reuters poll $228 million).Pgs q3 ebitda $‍108.6​ million (Reuters poll $127 million).Pgs q3 adjusted ebit $‍-30.4​ million (Reuters poll loss $6 million).Pgs says quarterly multiclient pre-funding revenues of $101.8 million.Says q3 multiclient late sales at $47.8 million.‍Says expects improved cash flow among clients to benefit marine 3D seismic market longer-term, but there is a risk that a market recovery will take some time ​.‍Says expects full year 2017 gross cash cost to be below $700 million​.Says ‍multiclient cash investments are expected to approximate $225 million, with a pre-funding level above 100%​.Pgs sees 2017 capital expenditure of $‍150​ million versus previous forecast of $150 million.Order book totaled $167 million at september 30​.Says ‍order intake improved in october and subsequent to 30 september company has received awards amounting to approximately $55 million​.  Full Article

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

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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.