Oil Industry Suppliers See Light at the End of the Tunnel
when he presented results last week. PGS, which maps the seabed for oil and gas deposits, sees higher activity and spending by oil companies next year and that 2016 would be the low point in the cycle. "We see early signs of a stabilising market and improving sentiment," its CEO Jon Erik Reinhardsen said last week, when PGS reported forecast-beating earnings. "PGS confirms what we have seen from oil companies and other market players; the panic is gone," Swedbank analyst Teodor Sveen-Nilsen said. Oil services firm Aker Solutions said cost-cutting efforts across
PGS Revenue Slumps
EMGS * Leverage ratio maintenance covenant of the Revolving Credit Facility amended to increase headroom "With the gradual recovery of the oil price from its lows in early Q1, we are starting to see early signs of a stabilizing market and improving sentiment," observed Jon Erik Reinhardsen, President and Chief Executive Officer. "We believe that this has started to impact our MultiClient performance positively. The marine contract market is still characterized by very low pricing, but here too we see indications of more predictable patterns in customer survey planning and
Norway's PGS sees high summer N.Atlantic oil exploration interest
Group however, suggest activity is picking up again from low levels in the fourth quarter. "The North Atlantic region will once again be busy, driven by high exploration and production interest. We expect very healthy market conditions for the upcoming summer season," Chief Executive Jon Erik Reinhardsen said in a letter to shareholders. The firm also said basins offshore Brazil would be important drivers for the seismic market this year, in addition to further exploration activity in Central America and Gulf of Mexico. "That said, activity levels in Nigeria, Asia Pacific, and offshore
February 2024
