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 Sees Strong Profitability, Healthy Order Book

change text size

Norwegian seismic data acquisition firm Petroleum Geo-Services (PGS) reported Thursday that it saw strong profitability during the second quarter and a healthy order book for the rest of the year.

In an operations update, PGS said that its group EBIT (earnings before interest and tax) margin had improved to 29 percent during 2Q 2013 from 21 percent in 2Q 2012 on 2Q revenues that declined to $381.7 million from $404.8 million in 2Q 2012. As a result 2Q 2013 EBIT came in at $110.6 million – a 28 percent improvement on 2Q 2012.

The firm said it had record 2Q multi-client late sales of $90. 2million – five percent up on 2Q 2012. PGS CEO Jon Erik Reinhardsen commented in a statement that this was thanks to strong interest in the firm’s MultiClient GeoStreamer library.

"Good marine contract performance, our strong technology position and an attractive MultiClient library contributed to the high profitability in the quarter," Reinhardsen said.

"We are close to fully booked for the third quarter. Approximately 60 percent of our capacity is now booked for the fourth quarter with average pricing for marine contract work in 2013 being 10-15 percent higher than 2012 average. Active tenders in the market have increased over the last months giving us an improved bid pipeline going into the winter season and 2014."

The second quarter also saw the delivery of the Ramform Titan 3D seismic data acquisition vessel – the first of four vessels in Ramform Titan class.

 



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
 -  Petronas Carigali Extends BW Offshore'... (Oct 30)
 -  AWE, Santos Progress Development of In... (Oct 30)
 -  Eni Mulls Partnership with Pemex in Me... (Oct 30)
 -  UK Juniors Apply for Isle of Wight Lic... (Oct 29)
 -  Oilfield Suppliers Launch Products, Se... (Oct 29)
Most Popular Articles
From the Career Center
Jobs that may interest you
Wireline Field Operator
Expertise: Wireline Operator
Location: San Antonio, TX
 
Geoscience Technical Data Analyst - Weatherford Labs
Expertise: Mud Logging
Location: Golden, CO
 
Geotech/Data Management
Expertise: Geoscience Technician
Location: Houston, TX
 
search for more jobs