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.


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