PGS Sees Strong Profitability, Healthy Order Book

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.

 



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