Norwegian Seismic Surveyor PGS Warns on Profit

Reuters

OSLO, Oct 15 (Reuters) – Norwegian seismic surveyor Petroleum Geo-Services cut its 2014 earnings guidance again due to worsening demand from oil companies, it said on Wednesday.

Its earnings before interest, taxes, depreciation and amortisation is expected to amount to $725 million in 2014, down from the $850 million it saw in July, and against the $900-950 million the firm expected earlier in the year.

In September the firm said it would cut capital spending and take vessels out of service. 

(Reporting by Gwladys Fouche, editing by Balazs Koranyi)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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