Finance & Investing
News Services
Newsletters
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy
pledge.


advertisement

PGS Boosts 1Q Profit Thanks to GeoStreamer

change text size

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?

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

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Shell Hits Gas in Pre-Salt Reservoir O... (Oct 22)
 -  BP Awards FEED Contracts for Tangguh E... (Oct 22)
 -  Nordic Energy Strengths its Board with... (Oct 22)
 -  Lakes Oil Bags 2 Offshore Exploration ... (Oct 21)
 -  Statoil Finds up to 80M Barrels of Oil... (Oct 21)
Most Popular Articles
From the Career Center
Jobs that may interest you
Field Service Representative
Expertise: Field Service Tech
Location: Odessa, TX
 
Field Service Coordinator
Expertise: Field Service Tech
Location: Yukon, OK
 
Memory Logging Field Engineer
Expertise: Mud Logging
Location: Houston, TX
 
search for more jobs