Seismic Surveyor Polarcus Sees Shares Nosedive as it Defaults on Debt Payment
seismic industry, with major players either listed or headquartered in Norway.Shearwater GeoServices, headquartered in the city of Bergen, has the largest seismic fleet following the acquisition of CGG's assets in 2020 and Schlumberger's marine acquisition business in 2018, while Oslo-based Petroleum Geo-Services (PGS) has five active vessels.Offshore seismic spending fell 40% last year, and even though oil prices rebounded, oil companies are expected to remain cautious, with spending seen rising only 3% this year, Sparebank 1 Markets said in a note on Tuesday.(Reporting by Nerijus Adomaitis
PGS Revenue Slumps
Petroleum Geo-Services ASA reported revenue fall in their recently released Second Quarter and First Half 2016 Results. It logged a healthy MultiClient Sales and continues to undertake cost reductions. Highlights Q2 2016 * Revenues of $183.0 million, compared to $255.8 million in Q2 2015 * EBITDA of $68.8 million, compared to $125.1 million in Q2 2015 * EBIT excluding impairments and other charges/(income) of negative $36.2 million, compared to a profit of $15.9 million in Q2 2015 * MultiClient pre-funding revenues of $47.2 million with a corresponding
PGS : Changes to MultiClient Library Amortization
Petroleum Geo-Services ASA (PGS) have informed that due to an amendment to IAS 38 Intangible assets, the amortization method for the seismic MultiClient libraries will have to change with effect from 1 January 2016. After an extensive process involving industry participants, TGS and PGS have decided to adopt the following changes to the amortization policy: During the work in progress (WIP) phase, amortization will continue to be based on total cost versus forecasted total revenues of the project. After a project is completed, a straight-line amortization is applied. The
Knudsen Quits Electromagnetic Geoservices
, CEO of EMGS, said, "Svein and I go way back, and he has been an instrumental part of the EMGS history since 2005. I regret that he has chosen to pursue other endeavors outside EMGS." Prior to joining EMGS in January 2005, Knudsen served as vice president of finance and treasury with Petroleum Geo-Services ASA (PGS) from March 1994. He holds a BSc in business and administration from Appalachian State University (ASU) in North Carolina, U.S., where he graduated in 1987
PGS ASA - First Mover Offshore Mexico
Petroleum Geo-Services ASA (PGS) commenced operations of a MultiClient 2D seismic program offshore Mexico on May 16th. The two 2D vessels Atlantic Explorer and Sanco Spirit will acquire multiple projects recently approved by the Mexican government. The first program to be acquired is the Mexico Well Tie MC2D which will provide clients with an excellent grounding for understanding the hydrocarbon prospectivity in the area. Fast track products will be available in June 2015. "PGS is proud to conduct its first commercial seismic acquisition project in Mexico after approval of the
EVPs of Petroleum Geo-Services Swap Responsibilities
From November 20th Magne Reiersgard, Executive Vice President (EVP) Operations, and Per Arild Reksnes, EVP Marine Contract of Petroleum Geo-Services, will change roles, with Mr. Reiersgard becoming EVP Marine Contract and Mr. Reksnes becoming EVP Operations. Both positions will be based in Oslo as before, but Mr. Reiersgard who has his family in Houston, the world's no. 1 hub for oil and gas companies, will spend a considerable share of his time there, attending key customers in the region. Mr. Reksnes will capitalize on his experience from the business side to take our effort to improve
Another Norwegian Seismic Survey Firm Warns of Profit
Norwegian seismic surveyor Petroleum Geo-Services will report lower-than-expected second quarter results and is cutting its full year profit forecast due to oil companies being cautious with spending, the company said on Monday. Seismic firms, which map out the seabed in search of oil and gas deposits for oil firms, and other suppliers to the oil industry have been hit in recent months by energy firms cutting back after a decade of double-digit growth in capital spending. "Customers's intentions with regard to seismic purchases, particularly Multiclient, have become less predictable recently
Greece to Launch Major Oil Quest in July
kilometres in the Ionian Sea and south of the island of Crete are expected to go under the hammer. Greece has been encouraged in its quest by big offshore natural gas finds in Israel and Cyprus, nearby in the Eastern Mediterranean. The plan has been code-named "Greece MegaProject" by Petroleum Geo-Services, the Oslo-based firm which completed seismic tests there earlier this year. Energy Minister Yannis Maniatis will present the tender and PGS's geological findings at a London conference on July 1-2, the ministry said in a statement. "(Maniatis) and officials will have private
Norway's PGS sees high summer N.Atlantic oil exploration interest
Norwegian seismic surveyor Petroleum Geo-Services expects a busy summer season in the North Atlantic region driven by high exploration and production interest among oil companies, it said in its annual report on Thursday. Seismic surveyors, which seek oil and gas deposits under the sea floor, have been hit hard as oil companies have reduced spending to focus on costs and improve cash flow. Recent market updates from competitors Dolphin 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
February 2024
