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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 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

PGS used 60 pct of fleet to contract seismic in Q2, 24 pct to multiclient
Monday, 3 Jul 2017 02:27am EDT 

July 3 (Reuters) - Petroleum Geo Services Asa : :Vessel utilization: used 60 percent for contract seismic in q2 versus 58 percent in q2 2016.Vessel utilization: used 24 percent for multiclient seismic in q2 versus 21 percent in q2 2016.Q2 steaming 15 pct vs 19 pct in q2 2016.Q2 yards stay 0 pct vs 2 pct in Q2 2016.Stacked vessels in Q2 1 pct vs 0 pct in Q2 2016.All cold-stacked vessels are excluded from the statistics. The last new build, Ramform Hyperion, was delivered in March 2017 and is included in the statistics for Q2 2017.  Full Article

Statoil nomination committee proposes PGS chief as new chairman
Tuesday, 30 May 2017 02:08am EDT 

May 30 (Reuters) - Statoil Asa :Nomination committee recommends that company's corporate assembly elects Jon Erik Reinhardsen as new chair of board of directors.Reinhardsen on Monday announced he will step down from the position of CEO at seismic firm PGS <<>> on Aug 31.The nomination committee proposes deputy chair of the board Roy Franklin as acting chair of the board in the period from 1 July up until and including 31 August.Statoil's current chairman of the board, Oeystein Loeseth has informed the nomination committee that he does not wish to stand for re-election in 2017.  Full Article

Seismic firm PGS says CEO to retire
Monday, 29 May 2017 02:00am EDT 

May 29 (Reuters) - Petroleum Geo Services Asa :CEO Jon Erik Reinhardsen (60) has informed the board that he wishes to retire, in accordance with his employment contract .August 31, 2017 is his last day of service, and the board has initiated process to find his successor .  Full Article

PGS Q1 earnings in line, order book rises
Thursday, 11 May 2017 02:00am EDT 

May 11 (Reuters) - Petroleum Geo Services Asa :q1 revenues $154.8 million (reuters poll $155 million).q1 ebitda $30.1 million (reuters poll $31 million).q1 ebit loss $83.5 million (reuters poll loss $80 million).sees 2017 gross cash cost of $700 million versus previous forecast $700 million.sees 2017 multiclient cash investments of $250-275 million versus previous forecast of $275 million.sees 2017 capital expenditure of $150 million versus previous forecast of $150 million.Approximately 50% of 2017 active 3d vessel time is expected to be allocated to multiclient acquisition.Order book totaled $340 million at march 31, 2017 (including $196 million relating to multiclient), compared to $215 million at december 31.CEO: while it may still be too early to conclude that market has turned, increased order book and visibility makes me increasingly confident that we will be able to deliver 2017 in accordance with our plan.  Full Article

Petroleum Geo expects to report Q1 revenue of about $155 mln
Thursday, 20 Apr 2017 03:24pm EDT 

April 20 (Reuters) - Petroleum Geo Services Asa :Slow start to 2017, significant order book increase.Expects to report revenues for q1 2017 of approximately $155 million.Expects to report Q1 EBITDA of approximately $30 million.Estimates order book as of march 31, 2017 to be approximately $340 million.Improved order book reflects increase in secured pre-funding for scheduled multiclient projects, increase of volume, pricing of marine contracts.  Full Article

PGS says Q1 contract seismic fell, stacking rose year/year
Monday, 3 Apr 2017 02:00am EDT 

Petroleum Geo Services Asa : Q1 contract seismic 53 percent versus 68 percent in q1 2016 . Q1 multiclient seismic 21 percent versus 22 percent in q1 2016 . Q1 steaming 10 percent versus 10 percent in q1 2016 . Q1 yard stays 5 percent versus 0 percent in q1 2016 . Q1 stacked/standby 11 percent versus 0 percent in q1 2016 . Q1 2017 vessel allocation includes ramform vanguard which was warm-stacked through quarter and accounts for most of reported "stacked/standby" time . All cold-stacked vessels are excluded from statistics. Last new build, ramform hyperion, was delivered in march and will be included in statistics for q2 .Will release its q1 2017 financial results on thursday may 11, 2017, at approximately 8:00 am central european summer time.  Full Article

PGS cuts 2016 capex, continues to see challenging market
Thursday, 27 Oct 2016 02:00am EDT 

Seismic firm Petroleum Geo Services Asa : q3 revenues $224.1 million versus preliminary result of $220 million Oct 12 and vs $225.7 mln in Q3 2015 . q3 ebitda $ 112.7 million versus preliminary result of $110 million on oct 12 and vs $115.3 mln in Q3 2015 . Q3 impairment and loss on sale of long-term asset $9.2 mln vs $65.3 mln in Q3 2015 . Despite a higher and more stable oil price and early signs of improving market sentiment PGS continues to expect a challenging market going forward . Says realizing further significant cash savings, lowering our full year estimates for gross cash costs and capital expenditures . Marine contract market is still very weak. Vessel utilization will be challenging over coming winter with some idle time in q4, as some clients are moving work from q4 into 2017 . Due to weak market we have decided to warm-stack Ramform Vanguard over winter . Our liquidity position is adequate . sees 2016 group cash cost of $675 million versus previous forecast $700 million or below . sees 2016 multiclient cash investments of $200 million versus previous forecast of $225 million . sees 2016 capital expenditure of $215 million versus previous forecast of $225 million.  Full Article

PGS Q3 revenues and core earnings beat forecasts
Wednesday, 12 Oct 2016 01:54am EDT 

Petroleum Geo Services Asa : Q3 earnings update - robust multiclient performance . Expects to report consolidated q3 2016 revenues of approximately $220 million, and ebitda of approximately $110 million . The mean forecast among analysts in a Thomson Reuters poll was revenues of $182 million and ebitda of $77.5 million . Multiclient sales is main contributor to strong performance and ended at approximately $145 million of which approximately $85 million were pre-funding revenues . Capitalized multiclient cash investment amounted to approximately $65 million . Company provides this information based on preliminary consolidated q3 2016 numbers .Company will present its Q3 2016 results on October 27, 2016.  Full Article