Terje Solsvik News

Akva Group Warns of Q4 Loss

.8 million-$3.4 million) for the October-December quarter, it said in a statement. It did not provide a year-ago comparison.The revenue shortfall was mainly caused by project delays, particularly in its land-based fish farm equipment unit, Akva Group added.($1 = 8.9047 Norwegian crowns)(Reporting by Terje Solsvik, editing by Gwladys Fouche

Seismic streamers - Image by DedMityay / Source: Adobe Stock

TGS Q4 Revenue Misses Forecast

Norway's TGS, a supplier of seismic data to the global oil industry, reported lower-than-expected fourth-quarter revenue on Thursday.So-called net segment revenue hit $230 million for the October-December period, while analysts on average had expected revenue of $257 million, according to forecasts published by Refinitiv.TGS did not provide a year-ago comparison for the fourth quarter, but said full-year revenue was up 16.2% from 2018 and that the sales outlook for the first quarter of 2020 was "promising".(Reporting by Terje Solsvik; Editing by Himani Sarkar)

© DedMityay / Adobe Stock

TGS Posts Record Q3 Revenue

net revenues coming in above both our own internal expectations and the average analyst estimate of $263 million," it said.Forecasts published by Refinitiv separately confirmed the average expectation among analysts of $263 million.The company did not provide a year-ago comparison.(Reporting by Terje Solsvik, Editing by Gwladys Fouche and Muralikumar Anantharaman

Courtesy PGS

PGS Calls off Debt Refinancing, Shares Fall

it targeted a debt level of below $500-600 million, while its interest bearing net debt stood at $1.3 billion at the end of the first quarter.PGS shares initially fell by 24% following the announcement and traded down 17% by 0929 GMT, while the European oil and gas index was broadly flat.(Editing by Terje Solsvik. Editing by Jane Merriman

(Photo: Subsea 7)

Subsea 7 Raises Revenue Outlook

with weaker margins."We have started to see increased pricing on tenders for major new projects, but this will take time to materialize in our financial results due to an anticipated two to three year time lag, on average, between tender, award and execution," Cahuzac said.(Reporting by Terje Solsvik and Izabela Niemiec; editing by Nerijus Adomaitis and Jason Neely

(Photo: Aker Solutions)

Aker Solutions Raises 2019 Forecasts

has reduced capacity in some particularly labor-intensive segments during the downturn, but Araujo said that overcapacity remains in areas such as rigs, seismic vessels and supply boats, making it hard to push up prices for the time being.($1 = 8.6545 Norwegian crowns)(Additional reporting by Terje Solsvik Editing by Rashmi Aich and David Goodman

(Photo: Eidesvik Offshore)

Subsea 7 Profit Beats Forecast

;However, offshore activity levels are improving and the projects we are now tendering and winning give us confidence that the expected market recovery will translate into better performance for Subsea 7 in the future," he added.Subsea 7's shares are down 18 percent year-on-year.(Reporting by Terje Solsvik, editing by Gwladys Fouche

TGS CEO Kristian Johansen (Photo: TGS)

TGS Offers Higher-than-expected Dividend

are confident that the positive trend from 2018 will continue this year," TGS said in a statement.The company increased its quarterly dividend from $0.20 per share to $0.27 per share, higher than the $0.24 per share expected in a Reuters poll of analysts.(Editing by Nerijus Adomaitis, editing by Terje Solsvik

'Frog's Leg' Proves Bountiful for Aker BP

of how much oil and gas is located on each side.Aker BP is operator of the license with a 60 percent stake, while Sweden's Lundin Petroleum and Eni's Vaar Energi each hold 20 percent.Aker BP is 40 percent owned by Norway's Aker ASA and 30 percent by BP Plc. (Reuters reporting by Terje Solsvik; Editing by Shreejay Sinha

(Image: Norwegian Petroleum Directorate)

Shell to Pick Either Onesubsea or TFMC for Ormen Lange Phase 3

Shell will develop the third phase of its giant Norwegian gas field Ormen Lange with a subsea compression system, the oil major said in a statement on Friday.The company will either choose Schlumberger's Onesubsea or TechnipFMC to do the work, it said, adding that it would take a decision later in 2019. (Reporting by Gwladys Fouche, editing by Terje Solsvik)

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