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
Norwegian geophysical services company Electromagnetic Geoservices ASA (EMGS) announced that its Chief Financial Officer (CFO), Svein Knudsen, has tendered his resignation. Knudsen has held the position as CFO of EMGS since January 2005. Stig Eide Sivertsen, 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
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
MHI to Build for PGS
Mitsubishi Heavy Industries, Ltd. (MHI) received an order for two vessels capable of three-dimensional (3D) seismic data acquisition for sea bottom resource exploration from Petroleum Geo-Services ASA (PGS). The order for the two vessels, which was signed on April 25 in Tokyo, was placed upon exercise by PGS of the option right that was provided when two same type vessels were ordered to MHI in April 2011. The two newly ordered vessels are scheduled for delivery in the first and second half, respectively, of 2015. With this latest order, MHI will build a total of four vessels to support PGS’s
ABB Wins $26m Marine Repeat Order
power and propulsion systems for two next generation ‘Ramform’ vessels, capable of three-dimensional (3D) seismic data acquisition for deep sea resource exploration. The ships will be constructed by Mitsubishi Heavy Industries, and delivered in 2015 to Norway’s Petroleum Geo-Services ASA (PGS), a leading company in marine seismic and reservoir data acquisition, processing and analysis/interpretation services. Oil and gas companies use this data to explore for hydrocarbon accumulations, develop new oil and gas fields, and manage their producing fields. Mitsubishi Heavy
February 2024
