Red numbers for PGS

PGS has seen red in the third quarter of 2020 as revenues fell close to 70 per cent.

The Oslo-listed seismic player reported quarterly loss of $32.6 million, or 8 cents per share on revenues of $85 million.

This result compares against profit of $31.5 million, or 9 cents per share on 276.5 million revenues in the prior-year quarter.

For the first nine months of 2020 PGS recognised loss of $261.3 million, compared to $82.6 million in the nine months of 2019.

Revenues were also down from $598 million in 2019 to $304.3 million in the the first three quarter of 2020.

PGS secured order book of $160 million, down more than half from $336 million compared to Q3 2019.

Based on current operational projections, with five 3D vessels operated for the remaining part of 2020, PGS expects full year 2020 gross cash costs to be below $450 million, excluding severance and other restructuring costs of approximately $35 million.

2020 MultiClient cash investments should be approximately $225 million.

Approximately 65 per cent of 2020 active 3D vessel time is currently expected to be allocated to MultiClient acquisition.

Capital expenditure for 2020 should be below $40 million.


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