PGS Boosts 1Q Profit Thanks to GeoStreamer

Norway's Petroleum Geo-Services (PGS) reported Monday that its GeoStreamer technology helped it to strengthen profitability in an improving during the first quarter.

The seismic data acquisition specialist reported revenues that were up 8 percent at $394.8 million for 1Q 2013, while its profit on an EBITDA level jumped 39 percent to $202.3 million. Meanwhile it forecast that average 2013 marine contract prices are expected to be between 10 and 15 percent greater than 2012 prices.

"The GeoStreamer is continuing to gain market strength and customer interest as we further explore new ways of exploiting this ground breaking technology," PGS CEO Jon Erik Reinhardsen said in a company statement.

"The recent news flow from Brazilian authorities regarding future licensing rounds, and revival of other key markets, indicate a further strengthening of the global marine seismic market and pricing in 2014."

PGS claims its GeoStreamer technology allows the firm to completely remove all "receiver ghost" effects from seismic data, so recovering far greater reservoir resolution and description than historical towed hydrophone-only streamer technologies.

 



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Circle Oil Agrees Repayment Extension (Jun 24)
 -  MOL Group Makes Pakistan Gas Discovery (Jun 24)
 -  Statoil to Launch Training Tool for 50... (Jun 24)
 -  Atkins Wins Engineering Support Servic... (Jun 23)
 -  NZEC Plans to Boost Exploration, Appra... (Jun 23)


Most Popular Articles

From the Career Center
Jobs that may interest you
Mud Engineer
Expertise: Mud Engineer / Drilling Fluids
Location: Houston, TX
 
Associate Designer/Drafter
Expertise: CAD / CAM|Design Engineer|Drafting
Location: Kenai, AK
 
Field Foreman
Expertise: Helicopter Pilot / Operations|Legal|QA / QC / Inspection|Surveying|Well Control
Location: Midland, TX
 
search for more jobs

Light Crude Oil : $50.11/BBL 1.99%
Natural Gas : $2.69/MMBtu 0.74%
Brent Crude Oil : $50.91/BBL 2.06%
Updated in last 24 hours